IRS Form 1099 Compliance Seminars Now Available From Thomson Reuters
Understand Changes for 2009 and Avoid Mishaps in Tax Reporting Compliance
CARROLLTON,
"With U.S. tax regulations and audits on the rise, it's critical that
corporate tax professionals fully understand 1099 compliance procedures as
well as the new regulations involving credit cards, corporate exceptions,
electronic filing, penalties for errors, and the proposed tax withholding for
vendor payments." said
The 1099 Tax Compliance Seminars are led by
This new program from Thomson Reuters is offered in several major cities and consists of three seminars in as many days. Participants can register for one, two or all three seminars according to their needs.
Day 1: Form 1099 Tax Compliance for 2009 will cover:
-- Payments made during 2009 that must be reported to the IRS on a Form
1099;
-- Specific categories of payees and payments that are not reportable;
-- Clues that should trigger doubt of the documentation furnished by a
payee on Form W-9;
-- Identifying the reportable payee in the case of sole proprietors,
LLCs, or middle-agents;
-- Payment situations in which the company has a backup withholding
obligation;
-- How to prepare IRS Forms 1099 for 2009 and file with the IRS; and
-- Compliance with filing requirements for Form 945 and reconciliation of
withheld federal tax.
Day 2: Advanced Form 1099 Tax Compliance Workshop will provide in-depth knowledge in:
-- State and local requirements for tax reporting as well as requirements
to report new contractors and withhold tax in some instances;
-- How the 'disregarded entities' concept works and how to track the
owner of income through the appropriate documentation;
-- Reporting requirements for payments made with company credit/debit
cards;
-- Identifying reportable payments and participants for legal claims and
settlements;
-- Reporting obligations for Forms 1099-MISC , 1099-INT, 1099-S, and
1099-C; and
-- Understanding the relationship among backup tax withholding from
payments, the B Notice process, and penalties for errors in tax Form
1099.
Day 3: Making Payments to Non-U.S. Persons will cover these challenges:
-- Determining which documentation to obtain from foreign payees before
paying them;
-- How to know if the identifying documentation on a Form W-8 is
sufficient;
-- Which types of payments are subject to Form 1042 tax rules;
-- Knowing when mandatory 30 percent withholding applies and when to
withhold at a different rate; and
-- Dealing with tax deposit deadlines and filing of year-end Forms 1042-S
and 1042.
Additional information can be obtained by visiting http://onesource.thomsonreuters.com/incometax/1099/.
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