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Improve Your IRS Compliance: Use Best Practices for TIN Solicitation
While taxpayer identification number (TIN) solicitation might sound too lascivious for the legitimate business world, it is critical that every organization take this task seriously. For if they don’t, a very uncomfortable and costly audit with the IRS is likely to ensue. If you’ve heard that the IRS budget is likely to be cut and think that means good news for your organization when it comes to audits, think again. The indications are towards higher enforcements in relation to information reporting errors.
This is nothing to worry about as long as your organization is doing what it is supposed to be doing when it comes to reporting income paid on Forms 1099. In this newly-created session by expert speaker Mary Schaeffer you will learn exactly what you should be doing to comply with the IRS regulations. Now, more than ever it is important that you utilize best practices with regards to collecting and reporting taxpayer identification numbers and income as required. This session will discuss those best practices and will help you ensure you are complying with IRS requirements for TINs.
After this session you will be able to:
Identify all required TIN information you need to collect
Design a best-practice TIN solicitation process
Recognize outdated TIN collection practices
Determine who should sign up for IRS TIN Matching in your organization
Incorporate appropriate TIN solicitation practices into your new vendor operations
Identify those situations when you should require a new W-9
Mary S. Schaeffer, a nationally recognized accounts payable expert, founded AP Now, a membership organization focused on creating business intelligence around the accounts payable and payment function. She has written 18 business books and is a frequent and popular speaker at both online and live ev...