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Best Practices to Reduce or Eliminate IRS Penalties

Understand the basic format of how to complete the W-9 form, create an account with the IRS, and submit a TIN match.

All companies that utilize contractors must report payments of more than $600 on Form 1099, NEC, MISC, or many other types of forms and many different types of payments. Sometimes the information gathered at the time of the payment is incorrect or incomplete; this causes an issue with the IRS when trying to report income at the end of the year. By applying sound W-9 solicitation protocols, you can eliminate most of the issues with missing information. Creating a policy with strict adherence will benefit both the company and the contractor so that you can keep everyone out of conflict with the IRS. The IRS has also provided a tool that can be used to help in TIN/Name verification. By verifying the data provided by the contractors using the IRS database, you can catch and eliminate human errors such as transpositions. By the end of this course, you will understand the basic format of completing the W-9 form, creating an account with the IRS, and submitting a TIN match. This course will cover what to do if you receive either a CP2100 form or a 972CG Notice from the IRS.

100 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

W-9

  • Name
  • Business Type
  • SSN vs. EIN

TIN Matching

  • IRS E-Services Program
  • How It Works
  • Understanding TIN Matching Results
  • What to Do With the Information Received

W-9 Solicitations

  • Initial
  • 1st Annual
  • 2nd Annual

CP2100 and CP2100A

  • What Is It? (It's a Gift)
  • How to Respond
  • Incorrect vs. Missing TINs

972CG Notice of Potential Penalty

  • Don't Be Afraid
  • How to Respond
  • Documentation Is Your Friend
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on November 2, 2022.

Call 1-866-352-9540 for further credit information.

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Laura Cunningham

Laura Cunningham

1099 Express

  • Operations manager, print & mail & W-9 solicitation manager, penalty abatement specialist at 1099Express.com, Inc.
  • Executive assistant and legal assistant to various organizations
  • Over 20 years of experience in senior management of business operations, specializing in customer service excellence
  • A.S. degree in accounting
  • Can be contacted at [email protected] or 361-884-1500
No photo available

Joni Kessler

1099 Express

  • Human Resources manager and CSR manager at 1099Express.com, Inc. and TIN Matching supervisor and CSR manager at Wagefiling.com
  • 5 years of processing TIN Matching requests and advising clients regarding TIN Matching best practices
  • Over 30 years of senior management in business operations and conflict resolution
  • B.S. degree in business administration, specializing in human resources management
  • Can be contacted at [email protected] or 361-884-1500
Paul Manigrasso, JD, CPA

Paul Manigrasso, JD, CPA

Manigrasso Law Firm, PLLC

Paul L. Manigrasso

  • Owner of Manigrasso Law Firm, PLLC
  • Law practice centered around tax controversy and criminal representation
  • Certified public accountant
  • Over 25 years in accounting positions, culminating in roles as the chief financial officer for several companies
  • Adjunct professor, Texas A&M University School of Law
  • Can be contacted at [email protected] or 469-383-5662
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 409579
Published 2022
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