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2 Day Webinar: Complete 1099, TIN Matching, B-Notice, FATCA and Nonresident Alien 1042-S Compliance Update, January 26-27, 2023 -

PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.
December 28, 2022 GMT

DUBLIN--(BUSINESS WIRE)--Dec 28, 2022--

The “Complete 1099, TIN Matching, B-Notice, FATCA and Nonresident Alien 1042-S Compliance Update” training has been added to’s offering.

The average cost of a Notice of Proposed Penalty is estimated at US $150,000 including the penalty itself and the added costs for consultants, personnel, remediation of legacy records, etc. Compliance is far less expensive than the alternative.

  • Are you in compliance with the regulations surrounding data collection, backup withholding and information reporting?
  • How do you determine whether you can accept a W-9 from someone or if you must request a W-8 instead?
  • What if you send them a 1099 when you should have sent them a Form 1042-S?
  • How will you deal with an IRS demand for the backup withholding you failed to deduct from a Nonresident Alien’s (NRA’s) payments?

This seminar will focus on addressing these issues and many more compliance and regulatory issues pertaining to IRS forms 1099 and 1042-S. It will also address compliance with Title 26, CFR 1402(b) & (c), employee v. independent contractor distinction, and 1441 (withholding of tax on nonresident aliens and foreign corporations) mandates.

  • In this two day workshop, participants will learn how to identify independent contractors and non-resident aliens. We will analyze case studies to:
  • Ensure you fully understand the most efficient process
  • Communicate effectively with the payee to obtain correct and properly executed Form W-8 or W-9 from the payee
  • Determine whether and how much must be subjected to backup withholding
  • Confirm whether the name and tax ID of the payee match the IRS databases
  • Expedite the handling of your B-Notices
  • Fight a notice of proposed penalty

In addition, attendees will learn the best method to process 1099 and 1042-S reporting to both your payees and the IRS using best practices.

Due to the enactment of the Foreign Accounts Tax Compliance Act (FATCA), the course will address issues related to the use of forms W-9 and W-8 to comply with both Chapters 3 and 4 of the internal revenue code.

Through case study analysis, the presenter will illustrate best practices to maximize the performance of your current system. Additionally, case studies will also explore how your management practices can be improved to help ensure complete regulatory compliance.

Learning Objectives:

  • On completing this course, participants will:
  • Be well versed in the information reporting process
  • Understand the importance of obtaining forms W-9 or W-8 on all payees
  • Be able to reduce the amount of time and resources necessary to handle the company’s information reporting mandate
  • Be able to minimize the risk and effort involved in performing backup withholding
  • Improve the accuracy of their regulatory reporting process
  • Enhance the relationship between the company and clients/vendors, etc.
  • Be able to help reduce the company’s potential exposure to penalties for noncompliance with information reporting and withholding regulations
  • Have a clear action plan for implementing best practices for compliance

Key Topics Covered:

DAY 01(8:00 AM TO 2:00 PM PST)

08.00 AM: Session Start

  • Information reporting process overview
  • Who you are paying - are they reportable? How are they reported?
  • What you are paying - is it reportable? Is it withholdable?
  • Best practices to set up payees in your system to ensure compliance with IRS reporting rules
  • Form W-9 Information Gathering
  • Learn when a Form W-9 is required and when they are not necessary
  • How to test the accuracy of the W-9 information with the IRS’s records for free
  • How to deal with incorrect information on Form W-4
  • Highlight on the Form W-9 impact of FATCA
  • When to initiate backup withholding and at what rate
  • How to handle over-withholding
  • Form 1099 Reporting
  • Who and what you pay determines whether you must report (1099 reporting)
  • Forms to use to document your payee as reportable or non-reportable
  • Required governmental reporting on independent contractors

DAY 02(8:00 AM TO 2:00 PM PST)

  • CP-2100 Notices and B-Notices
  • Procedures and checklist for responding to IRS notices of missing and incorrect TINs
  • Setting up the control log
  • Creating and maintaining the documentation - excellent support for proving due diligence
  • Identifying sources of errors
  • Determining when to send a 1st and 2nd B-Notice to the payee
  • Managing undeliverable B-Notices
  • Annual follow-up solicitation requirements
  • Backup withholding - when to begin, when to stop withholding
  • New documentation required to properly complete a 2nd B-Notice (the SSA has changed the procedure again)
  • Responding to Penalty Notices
  • Review the recent changes in penalties related to information reporting
  • Discover best practices to handle a Notice of Proposed Penalty (972-CG letters)
  • Review sample response letter to address the reasonable cause provisions and support your claim that no penalty should be assessed
  • Nonresident Alien Reporting
  • How to determine whether NRAs are working for you (reprise - who are you paying)
  • Review the five Forms W-8 including the new W-8BEN-E just released in Q1-2014
  • Learn about the drafts of revised Forms W-8 soon to be released
  • Learn how to determine which W-8 to provide to the NRA
  • Discover how a NRA individual must support their claim of exemption from withholding
  • Learn the best way to handle questions from NRAs who do not understand your requests or the forms
  • Examine a tax treaty and learn how to use it to confirm a claim of exemption or reduced rate of backup withholding

For more information about this training visit

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Laura Wood, Senior Press Manager

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SOURCE: Research and Markets

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PUB: 12/28/2022 07:22 AM/DISC: 12/28/2022 07:22 AM