Understanding the Form 1099 reporting and backup withholding requirements has become critical in light of the two most recent reports from the Treasury Inspector General for Tax Administration (TIGTA), whose audits discovered several billions of dollars in backup withholding failures. In response to these reports, the IRS has announced backup withholding compliance initiatives.

This session addresses IRS Form 1099 reporting and backup withholding requirements with a detailed review of Form W-9 and overview of Form 1042-S foreign reporting requirements.

Learning Objectives

• Participants will walk away with an understanding of the basic requirements for name and TIN solicitation, backup withholding and reporting of payments
  
• Understand the role of the Form W-9 in obtaining correct taxpayer identification information
  
• Recognize the triggers for backup withholding 24% of a payment in US federal income taxes
  
• Appreciate the role of the IRS's TIN Matching System in avoiding payee name-TIN mismatches and helping to prevent B Notice lists and proposed penalty notices
  
• Identify the basic rules for withholding 30% tax from and reporting payments to foreign vendors on Form 1042-S

Included Materials

All ACPEN courses include handouts that are available to download. Handouts typically include a version of the slides used by the presenter, as well as a full course manual or other materials.

How To Access Your Course And The Accompanying Materials

You will receive an email directly from ACPEN with instructions for accessing your course and any accompanying materials.

How To Get Your CPE Credits

This course qualifies for two CPE credit hours! In order to obtain CPE credit for viewing ACPEN webcasts, you must view the course during the scheduled date and time. Throughout the program, you will be prompted to save three attendance codes per hour. At the conclusion of the program, your CPE Certificate will be issued assuming all attendance codes have been saved and submitted. Detailed instructions for this process are included in the course introduction and in written form as part of course materials.