Federal and State Information Reporting and Withholding Certification
Payments Issued to U.S. and Foreign Payees - Forms 1099
Why Get Certified?
"Research shows that on average, salaries for certified Tax, Accounting, AP and Claims professionals are 15%-18% higher than those who are not certified. Accredited Directors can see salaries 25% higher."
Why Get Certified?
Attempting to research federal and state regulatory requirements and gain a clear understanding of the law can be burdensome to you and your employer - getting CIRS certified takes you through the process and requirements preparing you with the knowledge you need to comply.
Ongoing education offered by The AP Network and IRS Compliance retains your accreditation and keeps you up to date on the ever changing regulations.
With the ever changing Federal and State Legislative Regulatory Requirements, the financial risks for any U.S. Organization that is not knowledgeable and the staff and business areas prepared to comply with complex regulations could face significant financial risk and the possibility that you may be required to make a public disclosure of the areas where your company is not compliant and the associated liability risk for penalties, withholding and interest. New legislation passed in 2010 to increase the penalty amounts for any information returns filed January 1, 2011 and after to $100 per record for missing and/or invalid TIN. In general the Penalty Program has been increased to double or more on the limits and intentional disregard.
The IRS has already hired and/or assigned more than 4,000 IRS auditors to perform in- depth information reporting and withholding audits that review all business areas in an organization issuing payments on everything from policies and procedures, payee documentation, withholding, deposits, reporting, B-Notice and Penalty Notice processing to examining history of "Due Diligence.".
And these are just some of the initiatives at the Federal IRS level - there are also many complex State Regulations on mandatory, backup, cross- state withholding and direct information reporting. States are comparing information obtained from the IRS and do have penalty programs which they enforce. Several of the states in 2010 passed legislation to piggyback on the new IRS laws, further increasing the penalties and financial risks. The IRS has launched web sites, newsletters, bulletins and notices of new and proposed legislation to ensure that all U.S. companies have access to the information, have time to prepare and implement requirements. Therefore, ignorance of the regulations is not an acceptable defense. It is your company's responsibility to stay educated, knowledgeable and implement any changes or processes necessary to comply.
The Standard of Excellence for Accounts Payable Professionals
The Certified Information Reporting Specialist (CIRS) Program
designation sets the standard within any business area sponsored by IRSCompliance, Inc. and The Accounts Payable Network - leaders in Compliance and AP Training, resources and services. The Certification designation signifies that an individual has demonstrated the knowledge and skills required to perform well in today's complex Business environment with Federal and State Regulatory Requirements.
Employers seek employees who are not only skilled, but who are responsible and have a credible way of demonstrating their professional and practical knowledge. Certification is the answer. Regulatory Requirements..
For more information on this valuable program contact us at 1-877-tax-regs ext 0 or 410-914-5470 or email at email@example.com.