Reporting compliance has long been a source of anxiety for the business owner as well as their accountant. The IRS has been increasing the penalties for failing to comply with these reporting requirements significantly in recent years. Are you sure that you know all the rules for reporting compliance in order to keep your client from being penalized? This course is Part 3 of a comprehensive 3-part series that will help you understand the 1099 information reporting forms.
This Part 3 course will show you techniques for confidently correcting errors that you may discover on 1099 reporting, Form W9 and understanding its real purpose, strategies for ID number matching, and also backup withholding requirements. We will also cover penalties that can be imposed as well as possible remedies to avoid or even abate these penalties.