Avoid Costly Penalties and Fines!
- Improve payee information quality
- Develop compliant processes
- Learn withholding
- Get prepared
Go beyond the basic Form 1099 reporting requirements and learn how to master the challenging reporting and withholding regulations that can create the greatest 1099 compliance risk for your organization.
Advance your skills; understand NEW laws just past; avoid devastating penalties
Lynda Foertschbeck, IRSCompliance, Inc.
Many new federal and state regulations have been signed into law this year that are effective beginning January 1, 2011 and January 1, 2012. Most recently, the "Small Business Jobs and Credit Act of 2010" just passed in the House as amended in the Senate and was signed into law by President Obama on September 27, 2010. The bill has attached two important 1099 agenda items.
Most Significant is the Increase in Information Return Penalties. The bill impacts three areas of the penalty program:
- Missing or Incorrect Names and TINs - increases the current $50 penalty to $100 per record and the calendar year maximum increases from $250,000 to $1,500,000
- The Three-tiered Penalty Program for returns filed late, incorrectly or filed on incorrect media also generally increases
- First-tier increases from $15 to $30 per return and the maximum increases from $75,000 to $250,000
- Second-tier increases from $30 to $60 and the maximum increases from $150,000 to $500,000
- Third-tier increases from $50 to $100 and the maximum increases from $250,000 to $1,500,000
- Intentional Disregard - If the IRS can determine that your company did not comply with any aspect of the regulations regarding payee documentation, withholding, withholding deposits, filing returns and payee statements, the IRS can impose an "Intentional Disregard" Penalty. The intentional disregard penalty increases from $100 to $250 per account and has no maximum limit.
This provision will apply to information returns filed beginning January 1, 2011 and after. That means that the returns that you file for payments issued in 2010 will be under the increased scrutiny and penalty program.
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.
All of this in addition to the responsibilities to getting prepared to report payments that you issue to corporations and payments that are issued to any vendor supplying goods or materials beginning January 1, 2012!
To avoid being assessed the significant increase in penalties for the 2010 returns and get your house in order for this year and next year - you must begin the process NOW. In this advanced webinar program, you will learn how to:
- Improve the quality of your payee and payment information, ensuring that all reportable payments are reported correctly, steps to minimize the risks for penalties and improve the reporting for the year!
- Document reasonable cause events to assist in future penalty abatement
- Avoid penalties for failure to enact withholding properly
- Document payee issues
- Accurately report 1099s for tax year 2010
- Develop processes necessary to ensure compliant Information Reporting 2011, 2012 and 2013
- Prepare state reporting and withholding legislative requirements for 2010 through 2013 information returns
Register today for access to ADVANCED 1099 Information Reporting Update
If you are unable to attend the webinar live, Order the CD!
Pricing:
TAPN member attendance or CD- $149
Non-member attendance or CD- $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. Foertschbeckâs 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.
Continuing education: This webinar presented by The Accounts Payable Channel qualifies for 1.5 CEU for the IOMA/TAPN Accounts Payable Certification Programs.
