Get ready to be in compliance!
- Set up procedures
- Develop policies
- Outline steps and processes
Congress has recently passed new laws that will have a major impact on how organizations process 1099s and 1042-s IRS forms. Now is the time to get started to ensure that your organization is in compliance as the new laws take effect in 2011 and 2012. The best way to start is to ensure that your company has sound policies and procedures for federal and state information reporting.
Lynda Foertschbeck, IRSCompliance, Inc.
Register today!
Please, call 1-866-827-6389 for a discount on additional lines at multiple locations!
The IRS is hiring thousands of new agents to audit information reporting returns. One of the first things they will look at if your organization is audited is your company's corporate and departmental policies and procedures regarding the issuance of reportable payments to U.S. and foreign payees on IRS forms 1099 and 1042-S.
The corporate policies and procedures are required to establish the company’s position on compliance with the regulations and internal enforcement. Departmental policies and procedures address the steps and functions that will ensure that anytime an account is opened or a payment made, that procedures are adhered to for obtaining payee TIN/EIN information, federal and state withholding is applied (if required), and that original and corrected returns have been properly filed.
Reporting rental income. The bill makes recipients of rental income from real estate generally subject to the same information reporting requirements as taxpayers engaged in a trade or business. This provision will apply to payments made after Dec. 31, 2010.
As part of an information reporting audit or a compliance check, the IRS may ask to examine corporate and departmental policies and take a close look at the procedures that are followed in the process of establishing a payee/vendor account, issuing payment, withholding, reporting and ongoing tracking of payee withholding status. The IRS may examine the software or methods utilized by your company for regulatory processes and can request historical data on any of the payees and payments, payee documentation and withholding deposit history.
With the new federal and state regulations regarding reporting to corporations and the requirement to report goods and all gross proceeds (to all reportable) payees, and the increased penalty structure, internal policies and procedures will require modifications.
Establishing and enforcing up-to-date policies and procedures for any area in your company that may issue payments is critical to avoid costly penalties and liability! As part of an IRS audit, policies and procedures will be reviewed for compliance and enforcement.
Attend this 90-minute live webinar to learn how to:
- Develop policies and procedures that outline steps and processes your company is expected to follow in day-to-day business to ensure compliance when payments are to be issued to both U.S. and foreign payees
- Understand the associated risks for lacking the proper policies and procedures
- Overcome the risks associated with none or faulty policies and procedures?
- Enforce companywide compliance
- Cure past failures
- Come out the winner if you experience information reporting audits
- And much, much more!
Register today for access to Set the Stage for 1099 and 1042-S Regulatory Compliance with Sound Policies and Procedures.
If you are unable to attend the webinar live, Order the CD!
Pricing:
TAPN member - $149
Non-member - $199
(Please note that there will be a $6.95 charge for Shipping and Handling on CD orders.)
Your expert presenters:
John Foertschbeck, CPA, has more than 20 years experience in providing and managing tax compliance services and consulting related to tax reporting software and associated full services. He has been responsible for the management of consultation and implementation services of tax software for clients (Fortune 500) that present complex business models in the integration and conversion process. Specific experience includes providing service directly to clients for the purposes of managing and maintaining compliance with information reporting requirements for 1099, W-2, 1042-S payments to the IRS, SSA and state agencies. He was also responsible for researching all requirements regarding information reporting and ensuring that the solutions provided were functioning in full compliance. John has a B.S. in Accounting from the University of Maryland.
Formerly, John was with the Tax Controversy Services Group for Deloitte Tax, LLP, managing services to U.S. and international companies for both 1099 and 1042-S regulatory reporting, certification and withholding.
Lynda Foertschbeck, Executive Vice President, IRSCompliance, Inc., has more than 25 years experience as a tax compliance professional in the development of compliance solutions of regulatory consulting services and tax software applications. Prior to joining IRSCompliance Lynda served as Manager in the Tax Controversy Unit at Deloitte Tax, as Vice President and Compliance Product Manager at DISC, Incorporated (now CheckFree) and Director of Compliance Services for Moore, BCS.
Ms. Foertschbeck’s experience includes the development and enhancement of many proven tax software and service solutions for 1099, W-2, 1042-S processing and reporting to the IRS, SSA and state agencies. This includes products from: 1099PRO, Convey, FASTTAX, ATSG Inc., MOORE BCS and CheckFree. Specific areas of contribution have included the direction and development of information reporting products and service lines, regulatory compliance support services and strategic business needs analysis.
New laws that have been passed this year could pose a financial risk to your company if you are not prepared. Start now to update your existing policies and procedures to ensure that you are ready to comply with the new laws and to avoid devastating penalties for non-compliance. Register today to learn insider tips for developing proper policies and procedures that will prove to the IRS that your organization intends to comply!
Continuing education: This webinar presented by The Accounts Payable Channel qualifies for 1.5 CEU for the IOMA/TAPN Accounts Payable Certification Programs.
