Checkpoint Learning

Course Detail

B-Notices 101   Updated

CATEGORY: Taxation
COURSE ID: CLBNOT, VERSION 3.00
(41)
Online & Mobile, Download
2 CPE Credits
Level: Basic

Staying compliant with the quagmire of IRS regulations of information reporting and Taxpayer Identification Number retrieval can be an organizational chore. The risk of penalties is real and standard for this area of tax reporting enforcement. Businesses must process first and second B-Notices, keep track of their respective deadlines, and then have them on file for three years. Amidst such a time-consuming task, it's easy to miss potential errors in payee records or TIN information. This course walks through the ABCs of all you need to know About B-notices and Compliance. It discusses requirements for backup withholding, requesting TINs from payees, and risk abatement from penalty for filing information returns with missing or incorrect name and TIN combinations.Knowledge of IRS regulations and establishment of reasonable cause is a powerful tool for entities subject to IRS information reporting. As a bonus, this course includes a series of illustrative presentation on Thomson Reuter's OneSource as a resource to help individuals burdened with dealing with and managing IRS documentation for payee TINs for information returns. This course is most beneficial to professionals new to the requirements of backup withholding who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to the requirements and penalties for backup withholding.

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