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Video

  • 33 minutes

Best Practices - The Form W-9 and Avoiding Backup Withholding

 

Learn best practices to avoid backup withholding.

How do you reconfigure and plan for 2021? How are you going to train your personnel and communicate with your vendors? In order to understand the implications of the new Form 1099-NEC and to get ready for 2021 you need to implement best practices. This video reviews how to adjust your systems to get ready for Forms 1096 and 1099, your telephone logs for inquiries on W-9s, and how to make sure that you have changed your policies and procedures to be clear that you are ready for penalty abatement because you did everything according to the policies and procedures.

Runtime: 32 minutes
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Agenda

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Faculty

T. Scott Tufts, Esq.

T. Scott Tufts, Esq.

CPLS, P.A.

  • Senior tax counsel, CPLS, P.A.
  • Practice emphasizes helping clients who are faced with the filing of certain IRS forms that lead to disputes, as well as tax disputes with the IRS, probate and Federal and state court disputes involving partners and members and estates
  • Practice areas include the handling of IRS tax disputes, expert witnessing, and consultation with partners, members, and their practitioners that pertain to IRS Forms 8082 (notice of inconsistent treatment and erroneous K-1s), as well as IRS Forms 8886 (Reporting of Abusive Tax Shelters), SS-8 (worker classification), 1099-MISC (independent contractors), W-2c/ Form 4852 (Substitute Form W-2 or Form 1099-R); Form 211 (whistle-blowers), Form 3949-A (referral of alleged violations of the tax laws), Form 14242 (suspected abusive tax promotions or promoters), Form 14039 (stolen identity and use of your SSN), Form 14157 (reporting of fraud or abusive tax scheme by preparer), and Form 13909 (reporting of suspect misconduct or wrongdoing of tax exempt or employee plan)
  • Conducts regular seminars and workshops on areas focused on whistle-blowers and the handling of IRS disputes, as well as in the areas of probate and tax, and partnership and LLC matters
  • Wrote several publications: “Evaluating LLC Operating Agreements Containing 'Carte Blanche' Authority and Right to Rely Provisions Purporting to Release Third Parties from Any Duty to Inquire,” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIX, No. 2, p. 7, 10-26 (Fall 2013); “AD Global and the Statute of Limitations for TEFRA Partnerships: Will the TMP Ever Have to Stop Looking in the Rear View Mirror for the IRS,” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIV, No.2, p.14, pp.25-29 (February 2006); “It Ain’t Over ‘Til It’s Over: When Partnership Tax Vessels Make Ill-Advised Journeys and Wind-Up at Harbor Cove Marina.” Journal of Business Entities (September/October 2004); “What IRS Form 8082 Can Do For You (and to you!) and Your Closely-Held Partnership Now that the IRS’ K-1 Matching Program is Underway,” BNA Tax Management Real Estate, Vol. 19, No. 12 (December 3, 2003); and “Are Single-Member LLCs a Ticking Time-Bomb for Asset Protection?” (Are Single-Member LLCs of Any Utility for Asset Protection after the Florida Supreme Court’s Decision in Olmstead?), ABA Teleconference (August 24, 2010)
  • LL.M. degree in taxation, University of Miami School of Law; J.D. degree, Wake Forest University School of Law; B.S. degree in accounting, Florida State University
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