The 2021 edition of this essential compliance training webinar will provide updates on current IRS administration of the B Notice and information return penalty programs, including IRS administrative catch-up related to the COVID-19 emergency.
Regulatory and revenue procedure basic procedures will be explained for the three stages of compliance: the crucial initial vendor setup; your required actions and time limitations when IRS Notice CP2100 (“B Notice”) is received; your precise and timely response to IRS Notice 972-CG (notice of proposed penalty). This includes:
- Internal procedures for setting up vendors and other payees in compliance with “TIN solicitation” – the process of obtaining tax identification numbers according to IRS rules including up to three attempts for reportable payees.
- Using available resources to validate whether a tax ID number matches your 1099 reportable payee’s name.
- Backup withholding federal income tax from certain payments and making federal tax deposits when required by tax regulations.
- Correct processing of B Notices (CP 2100/2100A) issued to your company by the IRS.
- Responding to IRS proposed penalty notices (972CG) using your documented TIN solicitation, B Notice and backup withholding history.
- Solicit tax identification numbers from payees as required by tax regulations
- Apply backup withholding to certain payments as required by tax regulations
- Implement payee and IRS correspondence and recordkeeping for regulatory compliance and defense against future tax penalty assessments.
Marianne Couch, JD - Principal, Cokala Tax Information Reporting Solutions, LLC
Marianne Couch, JD, is a Principal in the Cokala tax group and 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, The Master Guide to Form 1042-S Compliance and numerous published articles. Prior to co-founding Cokala in 2007, 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.
Marianne was an appointee for three years to the IRS Commissioner’s 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.
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