The initial correct setup of vendors and other payees is the anchor for tax regulatory compliance. Later, correct execution of all IRS B-Notice procedures keeps your organization steady in its required due diligence. And if the IRS issues proposed penalty Notice 972CG for Form 1099 reporting errors, your defense is documentation of the previous due diligence and regulatory compliance activities. Essentials include:
- Do your internal procedures for setting up vendors and other payees include all required steps for “TIN solicitation” – the process of obtaining tax identification numbers according to IRS rules including up to three attempts for reportable payees?
- Are you using available resources to validate whether a tax ID number matches your 1099 reportable payee?
- Are you Backup Withholding at the NEW 24% rate from certain payments when required by tax regulations?
- Is your organization alert for receipt and correct processing of B Notices (CP 2100/2100A) sent by the IRS in the Spring and Fall every year?
- Do you fully carry out and document the required IRS procedures for B Notices?
- Are you prepared to respond to IRS proposed penalty notices (972CG) using your documented TIN solicitation, B Notice and Backup Withholding history?
Learning objectives for this program:
- Solicit tax identification numbers from payees as required by tax regulations
- Apply Backup Withholding to certain payments as required by tax regulations
Marianne Couch, JD - Principal, Cokala Tax Information Reporting Solutions, LLC
Marianne Couch, JD, a Principal in the Cokala tax group since its founding early in 2007, is an experienced and well-known advisor on U.S. federal and state tax information reporting compliance. She is a frequent lecturer at major tax conferences and the author of The Master Guide to Form 1099 Compliance and numerous published articles. She is a founding partner of Cokala. Previously, she was for many years the Research Director of the tax reporting specialty firm Balance Consulting, and chaired special training and advisory services provided to large organizations and academic and nonprofit institutions. She also formerly served as the executive director of the National Association of Form 1099 Filers, Inc.
Marianne was an appointee for three years to the IRS Information Reporting Program Advisory Committee (IRPAC), where she was Chair of the IRPAC Subcommittee on Small Business and Self-Employed (SBSE) tax issues.
Marianne formerly served as a Research Attorney for the Michigan Court of Appeals, and earlier as a litigator for a large Michigan law firm, where she represented individuals and large clients in many types of civil actions. She received her JD, cum laude, from the Michigan State University School of Law, and is a member of the State Bar of Michigan.
Continuing education credits available!
Receive 2 CEUs toward AP & P2P/IOFM APM, APS, or APD recertification! The Accounts Payable Certification Program is designed to establish standards for the profession and recognize accounts payable professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the accounts payable body of knowledge.
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