Want to avoid IRS penalties for mistakes on Form 1099? Yes, make sure staff has exercised due diligence. Due Diligence involves a written Plan, training staff, and monitoring staff to determine if they have followed the plan. The Plan for accurate Forms 1099 is the development of procedures for an accurate Form W-9. Most mistakes that the IRS identifies on the Form 1099, originates in failure to follow W-9 procedures. IRS penalties not only cost money but also take up valuable time which translates to money.
WHY SHOULD YOU ATTEND?
This course is designed to develop a plan and train and monitor staff to achieve due diligence.
AREA COVERED
- Due Diligence best practices steps
- Most common mismatch problems
- How is a name/TIN mismatch identified
- Use of IRS e-services to avoid mismatches
- Review of W-9 solicitation requirements
- Step by step review of Forms W-9
- 2016 penalty increases against form 1099 preparer
- Resources for W-9 and 1099 compliance
LEARNING OBJECTIVES
- Most common Form 1099 mistakes, development of best practices manual, A Plan
- Contents of best practices manual
- Duties of your W-9 expert
- W-9 compliance steps
- Identifying types of payments requiring a Form 1099
- Identifying types of companies requiring a Form 1099
- Maintaining records to prove due diligence was exercised
WHO WILL BENEFIT?
- CPA, Attorney, EA Firms and Staff
- Firm Accounts Payable Management or Staff
- Owners, Shareholders of Small Businesses and Staff
- Corporate Controllers, Accounts Payable, Financial Managers & Staff
- Non-profit Controllers, Accounts Payable, Staff
This course is designed to develop a plan and train and monitor staff to achieve due diligence.
- Due Diligence best practices steps
- Most common mismatch problems
- How is a name/TIN mismatch identified
- Use of IRS e-services to avoid mismatches
- Review of W-9 solicitation requirements
- Step by step review of Forms W-9
- 2016 penalty increases against form 1099 preparer
- Resources for W-9 and 1099 compliance
- Most common Form 1099 mistakes, development of best practices manual, A Plan
- Contents of best practices manual
- Duties of your W-9 expert
- W-9 compliance steps
- Identifying types of payments requiring a Form 1099
- Identifying types of companies requiring a Form 1099
- Maintaining records to prove due diligence was exercised
- CPA, Attorney, EA Firms and Staff
- Firm Accounts Payable Management or Staff
- Owners, Shareholders of Small Businesses and Staff
- Corporate Controllers, Accounts Payable, Financial Managers & Staff
- Non-profit Controllers, Accounts Payable, Staff
Speaker Profile
Margie Faulk
Margie Faulk is a senior level human resources professional with over 15 years of HR management and compliance experience. A current Compliance Advisor for HR Compliance Solutions, LLC, Margie, has worked as an HR Compliance advisor for major corporations and small businesses in the small, large, private, public and Non-profit sectors. Margie has provided small to large businesses with risk management strategies that protect companies and reduces potential workplace fines and penalties from violation of employment regulations. Margie is bilingual (Spanish) fluent and Bi-cultural.Margie’s area of expertise includes Criminal Background Screening Policies and auditing, I-9 document correction and storage compliance, …
Upcoming Webinars
ChatGPT and Project Management: Leveraging AI for Project M…
Workplace Investigations 101: How to Conduct your Investiga…
Project Management for administrative professionals
The Monte Carlo Simulations in Excel for Risky Investments
Onboarding is NOT Orientation - How to Improve the New Empl…
Dealing With Difficult People: At Work & In Life
Transform Data into Insights: A Beginners Guide to Excel Pi…
Construction Lending And Real Credit Administration: Evalua…
Understanding Accounting for non - Accounting professionals
Harassment, Bullying, Gossip, Confrontational and Disruptiv…
New Form 1099 Reporting Requirements: 2025 Compliance Update
Human Error Reduction Techniques for Floor Supervisors
HR Metrics and Analytics 2025 - Update on Strategic Plannin…
Treating Employees Like Adults: Discipline versus Empowerme…
7 Ways To Beat Burnout: Without Quitting Your Job
How to Write Procedures to Avoid Human Errors
Handbook Overhaul 2026: Compliance, OBBB Act & Beyond
FDA Proposes Framework to Advance Credibility of AI Models
Ethical Terminations: Navigating Employee Exits with Legal …
Understanding EBITDA – Definition, Formula & Calculation
Project Management for Non-Project Managers - Scheduling yo…
4-Hour Virtual Seminar on Hidden Secrets of Selling & Marke…
Validation Statistics for Non-Statisticians
Data Integrity and Privacy: Compliance with 21 CFR Part 11,…
The Alphabet Soup: When the FMLA, ADA, COBRA, and Workers' …
Talent Management: How to Leverage AI and ChatGPT Tools for…
Offboarding with Care: Conducting Legal & Ethical Employee …
2-Hour Virtual Seminar on How to Conduct an Internal Harass…
Payments Fraud Detect & Prevent Check, ACH and P-Card Schem…
Managing Toxic & Other Employees Who have Attitude Issues
Reduce Stress in the Workplace: Effective Ways to Handle Co…
Excel - Pivot Tables - The Key To Modern Data Analysis and …