TIN Matching to Reduce Your B-Notices & Eliminate Proposed Penalties

Author: Miles Hutchinson

How do you know your vendor’s W-9s are correct? What are the consequences of filing incorrect name and ID numbers on their 1099s? In this on-demand course, you can begin to develop a solid plan to move your company toward near absolute regulatory compliance, efficiency improvements, standardized processes, & adequate documentation to ensure your 1099s contain accurate information that will agree with the IRS’s records. You will all but eliminate your B-Notices from the IRS!

Publication Date: October 2018

Designed For
CFOs, Controllers, Compliance Managers, Accounting Managers, Accounts Payable Managers. Any institution that makes reports on forms 1099-INT, 1099-B, 199-DIV, 1099-PATR, & 1099-MISC.

Topics Covered

• What is TIN Matching?
• Benefits of TIN Matching
• How to Register for TIN Matching
• How do I perform a TIN Match?

Learning Objectives

• Identify and apply best practices for eliminating 1099 error notices from the IRS
• Recognize the consequences of filing incorrectly
• Recognize and apply a solid plan to assure that your company is compliant, improve efficiently, standardize processes, and have adequate documentation to ensure your 1099s contains accurate information
• Differentiate the steps in getting setup with a TIN
• Identify which types of TINs begin with "98" if it relates to a foreign entity
• Identify benefits of TIN matching
• Differentiate correct statements with respect to the TIN Network
• Recognize TIN Matching result codes and what they indicate
• Identify penalty results and fines
• Recognize what is issued to a person who doesn't qualify for social security benefits
• Recognize the benefits of TIN Matching reducing the risk to a company of liability
• Identify the name/number combinations per session a user is limited to when using the interactive method of input for TIN Matching
• Recognize how many combinations of name and numbers during a 24-hour period when using the bulk upload input method of TIN Matching
• Identify the notice from the IRS identifying a list of names and incorrect or missing TINs on information returns
• Describe what you should do if you identify a missing payee TIN
• Recognize what must also be corrected when a correction for a return with an incorrect TIN
• Differentiate penalties which remained consistent both prior to and after 2016

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None