Market Areas > Corporate Finance > Form 1099 Series

Complete Form 1099 Reporting and Compliance Series

Course Description:

Are you properly identifying and capturing all of your Form 1099 reportable payments? Do you know which payments go where and on which 1099?  Or when you’re exempt from reporting a payment that would otherwise be reportable?

Form 1099 reporting continues to be accounts payable’s most challenging and time-consuming processes.  Why?

• Complexities of recent tax regulations and proposed tax acts,
• Demands of Sarbanes-Oxley,
• Possible IRS audits,
• Complying with regulations for documenting payees properly, and
• Ensuring backup withholding and federal /state reporting compliance.

Both of the 75-minute programs are guaranteed to 1) reduce your risk of errors, 2) ensure compliance with current regulations and reporting requirements, and 3) streamline your reporting procedures.

Program 1:

Form 1099 Reporting and CompliancE PROCEDURES

With this best-selling program, you’ll learn how to decipher the complicated rules surrounding the year-round regulatory procedures that all U.S. organizations must incorporate in their account opening and payment processes.

• How to sort and classify payments correctly
• Best practices for obtaining required payee TIN and Name documentation
• When you are required to re-certify payees
• Practical tips for deciphering the information on the Form W-9
• Actions you are required to take if you cannot obtain Payee certification
• Identifying which payees are exempt from 1099 reporting
• What types of payments are subject to 1099 reporting
• How to determine which type of payments are reportable on Form 1099-MISC
• The primary causes for name/TIN mismatches on your 1099 file, and how to avoid them
• P-card transaction processing
• How TIN Matching can improve your processing and reporting
• Form 1099 relationship to B-Notices (CP2100) and TIN Penalty Assessments (972CG)
• How to identify foreign payees and the different rules that apply

By then end of this critical session, you’ll also know:

• New and Proposed Regulations impacting1099 reporting and withholding:
• TIPRA 2005 - Regulation for federal, state and local government agencies to withhold 3% federal tax on all payments for goods and services
• Merchant Bank Reporting - Any organization that reimburses merchants for card transactions will be required to certify the Merchant, implement 28% backup withholding on all payments to merchant if merchant fails to certify and report the sum total of all payments reimbursed to merchant
• Newly Proposed Legislation H.R. 3408 -
• Proposal to eliminate the exclusionof regulations for certification, withholding and reporting of payments issued to corporations and
• Proposal to increase regulatory penalties of up to five times the current penalty amounts. This proposal also suggests that the new penalty structure apply to 2009 payments.

Featured Faculty:

Carol A. Kassem, Senior Manager, IRSCompliance -  Information Reporting Services

Prior to joining IRSCompliance, Carol was a Vice President in the Information Reporting group of JPMorgan Chase Bank, NA. From 1999 until the merger of JPMorgan Chase with Bank One in 2004, Carol was Information Reporting Manager for Bank One Corporation. In this role, Carol was responsible for providing technical support and guidance relevant to information reporting for the general bank and other affiliated companies. This role also encompassed the development and implementation of policies and procedures instrumental to complying with current IRS reporting requirements.

Prior to joining Bank One, Carol held tax positions with a predecessor bank, spanning a 20-year period. During that time, she provided support and supervision for the preparation and filing of federal and state tax returns as well as oversight for the information reporting process and other tax related functions.

In 2002, Carol was appointed to the IRS Information Reporting Program Advisory Committee (IRPAC) for a three-year tenure sponsored by the American Bankers Association. She also served as a member of the New York Clearing House Tax Withholding and Information Reporting Committee representing Bank One.

Carol attended Virginia Tech and received a B.S. Degree in Accounting from Louisiana State University in 1978. She and her husband now reside in Asheville, NC.

Program 2:

advanceD form 1099 reporting and compliance procedures

Do you know how to handle the more complex Form 1099 reporting situations you could encounter in your AP department, like:

• P-card transaction processing and reporting
• Clean up of Corporate Vendors
• Mandatory Withholding
• Why you need to file Form 945
• How to properly handle your foreign vendors
• Determining whether you’re making payments to an agent or middleman
• Requesting a refund or making a correction on an amount you’ve already withheld

Let CCM and IRSCompliance help you solve your most taxing Form 1099 reporting issues with this comprehensive audio conference on CD. You’ll get specific procedures and actionable solutions to protect your organization from liability, and you’ll learn what to do if:

• You have a state reporting obligation;
• You have a state withholding obligation on services payments;
• You have to report legal damages payments to claimants and their attorneys – more than one 1099 may be required for a single check or payment;
• Outsourcing - whose responsibility is it for payee certification, withholding , reporting and penalties?
• A middleman is involved in the transaction – who’s responsible for sending the 1099?
• Your payee might be a foreign vendor;
• You have to make a payment from your AP department to your employee: Form 1099 or W-2?

Featured Faculty:

Lynda Foertschbeck, EVP, IRSCompliance, Inc.

Lynda Foertschbeck, of 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’ experience includes the development and enhancement of many proven tax software and service solutions for 1099, W2, 1042S 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.

LIMITED TIME ONLY:  Now, you can order for both CDs for just $338.
That’s both 1099 programs for more than 35 percent off the regular price of $538. You save $200!

But, you’ll have to act fast!  This early bird rate EXPIRES on December 3rd! 
So don’t delay, order now to get the most complete 1099 reporting guidance an AP pro could ask for! 

MONEY-BACK GUARANTEE:

We're so confident you'll get what you want out of these programs that we'll refund every penny if you're not completely satisfied. No questions asked! It's 100% risk-free!

Pricing:

Your CD recordings includes the complete audio conference presentation, audience Q&A and presentation materials.

Each CCM event presents a variety of information and is presented for each organization to develop its own approach and methodology.