Issuers of 1099 Forms can adopt best practices and procedures that streamline the year-end process and provide assurance that 1099s are correct, at .. Read more least so far as vendor names and TINs are concerned. While certain errors in reporting dollar amounts are considered “inconsequential” under new de minimis error rules, errors in the payee name or TIN are never considered inconsequential and can result in penalties. Best practices to avoid errors and penalties include TIN solicitation, TIN verification, a timely and appropriate response to IRS notices including issuing and follow up on B-Notices to payees, and procedures to implement and discontinue backup withholding as required. The webinar will discuss the solicitation process including solicitation using and analyzing Form W-9, annual solicitations, B-notices, and solicitations in response to IRS notices, and what to do when the vendor does not provide a TIN or provides an incorrect TIN.
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