- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
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.
Upon successful completion of this course, the user should be able to:
identify IRC regulations pertaining to backup withholding;
recognize the process for soliciting Taxpayer Identification Numbers with B Notices;
determine the most appropriate response to notifications from the IRS (CP2100 or CP2100A Notices) indicating that information returns have been filed with missing or incorrect Taxpayer Identification Numbers;
identify IRS penalty assessment risk for missing or incorrect Taxpayer Identification Numbers; and
recognize where to go for help to file information returns, process B Notices, respond to IRS Notices and reduce risks for penalty.