1099/1042-S Year-End Reporting Online
The IRS knows in order to be in compliance multiple departments must understand their role in the process and provide the correct information to the accounting department. Then you MUST know what documentation you need and how to verify it is accurate and in order to prevent a Proposed Penalty Notice.
Any person in your company that has the authority to hire independent contractors, rent or lease real and tangible property need to get the facts on how their choice of suppliers can cause a big problem in an audit. Anyone that has authority to approve a payment must be up to date on Third Party Information reporting requirements.
Identify ESSENTIAL BUILDING BLOCKS of Information Reporting
- Learn the most important decision in 1099/1042-S reporting and how to make it correctly every time.
- Finally, an easy way to understand how an entities tax classification affects your 1099 Forms.
- Implement a three step approach to insure you issue your form to the correct “beneficial owner” of the income.
Take Advantage of the MOST CURRENT INFORMATION to Insure you Fill in the Blanks Correctly
- Determine what is reportable and what is not for your 1099 and 1042 Forms.
- Identify the 3 boxes on the 1099-MISC Form the IRS looks at twice and why you should too.
- Review the most important changes in 1099 and 1042 reporting for 2012.
- Box 7 or 14? Find out exactly where to report attorney and settlement payments.
- Eliminate penalties and prepare for the auditor with “Best Practices”.
- Take home an “At A Glance” Chart of reportable payments and correct forms and boxes to file them in.- A Must Have Tool.
Implement a PROACTIVE APPROACH to State and Local Information Reporting Requirements
- Learn the Ins and Outs of Nexus. Important Information You Need before completing a state registration form to avoid inviting an audit.
- Identify the states with reporting requirements before they identify you.
- IRS Combined Federal/State Filing- Is it for you? A look at the pros and cons.
- Find out which states honor income tax treaties when you pay a non-resident alien.
- Take home an “At a Glance” Chart of multi-state information reporting- A Must have tool.
- Determine the MOST AGGRESSIVE AUDIT STATES and learn the INSIDE SECRET to keeping auditors away.
Take a look at the FUTURE OF INFORMATION REPORTING- Filing a 1042-S Form
- Find out which W-8 Form you need to have and what documentation may be needed in an audit.
- Learn the three questions which must be answered to correctly determine 1042-S reporting exposure.
- Take the “Guess Work” out of the IRS definitions with an easy to understand mini-glossary for the 1042-S professional.
- Identify the boxes which must always be completed when filing a 1042-S Form.
- Learn what you need to do now to prepare for FATCA. Major changes are coming in 2013 and they will affect everyone.
Length: 7 hours | Level: Basic | CPE Credits: 8 | Prerequisites: None
Schedule:
-
September 17-18, 2012 1:00pm – 4:00pm CST
-
November 7-8, 2012 1:00pm – 4:00pm CST
-
November 19-20, 2012 1:00pm – 4:00pm CST
-
December 11-12, 2012 1:00pm – 4:00pm CST
-
December 18-19, 2012 1:00pm – 4:00pm CST
Registration Fee: $379
It is crucial that you understand not only the essentials but that you have a good working knowledge of:
- Entity Classification
- Payee Classification (U.S. vs Non-U.S.; independent contractor vs employee)
- Payee Documentation (U.S. and Non-U.S. payees)
- Identifying Reportable Transactions
- Backup Withholding
We suggest you check out our E-Learning to ensure you have the knowledge to be prepared for year-end reporting.
Please read: About our Seminars
Register and Pay Online:
Post Seminar Support: As a seminar alumnus you receive 6 months tax question support following attendance. Get answers to your questions from our experts by emailing questions@ncomplianceservices.com.