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This training is all about backup withholding – the forgotten piece of the 1099 world. Backup withholding is income tax withholding on payments to contractors (or other 1099’able payments). You’ve probably heard of backup withholding, or at least seen the box on the 1099-NEC or 1099-MISC for “federal income tax withheld,” but most people have never really thought about what this means. That’s not speculation – the Treasury Inspector General has studied the issue of businesses who should be doing backup withholding and who are not doing it – it happens over 400,000 times a year.
Backup withholding is required in situations where you don’t have your contractor’s taxpayer ID number at the time you pay them, and in certain CP-2100 letter situations (if the contractor doesn’t reply to your B Notice within 30 days and you pay them again). This training will dive into backup withholding, when it’s required, how you report it (Form 945), and what happens if the IRS comes calling. We will also look at a recent court case where the IRS tried to assess $1.2 million against a small business that didn’t do backup withholding when it should have.
- Backup withholding definitions
- Backup withholding requirements and parameters
- CP-2100 and B Notice Requirements
- Form 945 use
- Court Case information
- Current Case Studies
- Handling CP-2100 Letters
- Organization processes for backup withholding
- Define what backup withholding is
- Understand the situations where backup withholding needs to be done
- Understand how you do backup withholding
- Understand how you report backup withholding (Form 945)
- Understand the IRS’s perspective of audits of backup withholding, and the perspective of courts
- Understand best practices to avoid problems, such as proper use of Form W-9
While backup withholding is required for contractors with whom you work in certain situations, many organizations do not complete their end of the requirements effectively. Neglecting backup withholding can have serious consequences for your organization and clients. This webinar will ensure you understand the requirements, and can ensure you meet your organization’s and client’s needs to comply with IRS requirements.
- Accountants
- CPAs
- Tax Preparers
- Bookkeepers
- Enrolled Agents
- Office Managers
- Small Business Owners
- Entrepreneurs
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. Jason prepares over 200 tax returns every year and deals with a variety of situations ranging from individual taxes to business taxes. He has been presenting since 2012.
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PearlEducation is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.0 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit - portal.shrm.org.
HRCI -
This webinar has been approved for 1.0 HR (General) re-certification credit hours toward California, GPHR, HRBP, HRMP, PHR, and SPHR recertification through the HR Certification Institute.
The use of this seal is not an endorsement by the HR Certification Institute of the quality of the activity. It means that this activity has met the HR Certification Institute’s criteria to be pre-approved for re-certification credit.
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