Backup Withholding: The Forgotten Piece of the 1099 World
Duration : 90 Minutes
This course, has been approved for 1.5 HR (General) recertification credit hours toward aPHR , PHR , PHRca , SPHR , GPHR , PHRi and SPHRi recertification through HR Certification Institute (HRCI ).
Jason Dinesen,
Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses.
Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance Read more
This training is all about backup withholding – the forgotten piece of the 1099 world. Backup withholding is income tax withholding on payments to contractors (or other 1099’able payments). You’ve probably heard of backup withholding, or at least seen the box on the 1099-NEC or 1099-MISC for “federal income tax withheld,” but most people have never really thought about what this means. That’s not speculation – the Treasury Inspector General has studied the issue of businesses who should be doing backup withholding and who are not doing it – it happens over 400,000 times a year. Backup withholding is required in situations where you don’t have your contractor’s taxpayer ID number at the time you pay them, and in certain CP-2100 letter situations (if the contractor doesn’t reply to your B Notice within 30 days and you pay them again). This training will dive into backup withholding, when it’s required, how you report it (Form 945), and what happens if the IRS comes calling. We will also look at a recent court case where the IRS tried to assess $1.2 million against a small business that didn’t do backup withholding when it should have.
Areas Covered in the Webinar:
• Backup withholding definitions
• Backup withholding requirements and parameters
• CP-2100 and B Notice Requirements
• Form 945 use
• Court Case information
Session Highlights:
• Current Case Studies
• Handling CP-2100 Letters
• Organization processes for backup withholding
Why Should You Attend:
While backup withholding is required for contractors with whom you work in certain situations, many organizations do not complete their end of the requirements effectively. Neglecting backup withholding can have serious consequences for your organization and clients. This webinar will ensure you understand the requirements, and can ensure you meet your organization’s and client’s needs to comply with IRS requirements.
Course Outline:
• Define what backup withholding is
• Understand the situations where backup withholding needs to be done
• Understand how you do backup withholding
• Understand how you report backup withholding (Form 945)
• Understand the IRS’s perspective of audits of backup withholding, and the perspective of courts
• Understand best practices to avoid problems, such as proper use of Form W-9
What You Get:
• Training Materials
• Live Q&A Session with our Expert
• Participation Certificate
• Access to Signup Community (Optional)
• Reward Points
Who Will Benefit:
• CFOs and controllers
• Accounts payable and accounting managers
• Accounts payable processing professionals
• Employers and Business owners
• Purchasing managers and professionals
• Public accountants, CPAs and Enrolled Agents
• Bank Managers
• Compliance Officers
• Information Reporting Officers
• Tax Managers
• Auditors
• Risk Managers
Please reach us at 1-888-844-8963 for any further assistance or if you wish to register
100% MONEY BACK GUARANTEED
Refund / Cancellation policyGet In Touch
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