IRSCompliance Regional One Day Seminars - 2010

Join IRSCompliance, Inc. for a one day regional seminar on The New Legislation impacting information reporting, processing, withholding and payee certification.  Included in this Seminar will be a close look at the new regulations on corporate reporting, the reporting of goods and materials, increased penalties and the inevitable increase in B-Notices and Penalties. 

The speakers will discuss the new and pending legislation, related financial risks for increased penalties, best practices to be prepared and tools that your organization can utilize to comply with the regulations and to reduce or eliminate any accessed penalties.   The discussion will also review what new system modifications may be required to vendor and payment systems, policies and procedures, withholding, and documentation requirements.

On March 23, 2010 the Patient Protection and Affordable Care Act was signed in law.  Included in this legislation are several pieces of legislation that have a significant impact on regulatory requirements which will impact virtually every organization that issues US Source income payments.

Effective on payments issued after December 31, 2011, any payments issued for Property (goods, materials, supplies, etc.) to for profit corporations, individuals, partnerships, LLP’s, etc. are required to be reported to the IRS.  This law essentially means that these payment types and payees (including corporations) must be subject to IRS regulations for payee TIN and Name certification, backup withholding when required and filing.

Generally in most cases, state law follows federal law which may also include state filing and state withholding when required under individual state laws dictate.

This new legislation is further impacted by the additional tax law changes (already passed) set to go into effect in 2011 and 2012 , which further expands the reporting of miscellaneous payments and required processing.

• IRS Section 6050W Merchant Reporting which will require any organization that reimburses merchants for card transactions to document the merchant’s TIN and Name, backup withhold if required and file information returns.
• TIPRA 2005 Section 501 – which requires any government agency with an annual budget of 100 million or more to withhold 3% federal tax on any payment for goods or services.
• Corporate Reporting
• Goods and Materials

Pending legislation currently on the extender bill for increasing the penalty program:

• Significant increases in the tiered penalty program which will apply to incorrect Payee TIN and Names
• Returns filed late
• Or Failure to file the returns.

Due to these changes, most organizations will realize a significantly large volume in reportable payments which in turn will increase costs for processing, print and mailing costs, B-Notices, number of penalty assessments and the associated increased fees.

Why is this Seminar important? 

• Is your company prepared to certify all payees that are issued payments for goods or services, including all corporations?
• Are all business areas generating payments centralized in your 1099, Forms W-9 and W-8 processing?
• How certain are you that your company is in compliance with the current Federal and State Regulations regarding payee certification, backup withholding, B-Notices,  filing federal and state returns?
• How certain is your organization that all payee TIN and Name information and certifications are correct and that all the necessary actions to meet IRS TIN Compliance rules have been met?
 
• What is the status of your B-Notices and have you responded to the IRS 972 CG Penalty Notice?  Reducing your risk for penalties is more important now than ever.  With the newly enacted federal legislation regarding regulatory compliance reporting and withholding such as Corporate Reporting and the reporting of goods and materials set to be effective after December 31, 2011, exposure to possible penalties is greater than ever.

To best prepare your company to be prepared to meet these requirements and minimize the financial risks for increased penalties, you need to begin the preparation now. 

By attending a Regional Seminar, you will learn:

• How to best prepare your organization to adapt changes in:
  • Payee TIN and Name Verification
  • Identifying and separating goods and services
  • Impact on State Reporting and Withholding
  • New rules for B-Notice Processing
  • Reduce B-Notices
  • Reducing the increased risk for Penalties on Corporate accounts
  • Electronic Collection and Signature for Forms W-9 and Forms W-8
  • Reducing penalty risk with increased penalties on all payees
• The benefits of improved compliance with federal and state regulations for information returns, withholding, full regulatory support, B-Notice and TIN Penalty processing and abatement services.

Register for one of our locations by contacting Pat Nelson at 1-877-tax-regs ext 0 or email at Compliance@irscompliance.org.