Backup Withholding: The Forgotten Piece of the 1099 World

Jason Dinesen

Jason Dinesen

Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses. Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR...
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August 15, 2024
01:00 PM ET | 12:00 PM CT
60 Mins

The Hidden Risks of Ignoring Backup Withholding: A Comprehensive Guide...

You’ve probably seen the box on the 1099-NEC or 1099-MISC for “federal income tax withheld,” but what does backup withholding really mean? Despite its significance, many businesses overlook this critical compliance area. The Treasury Inspector General reports that over 400,000 businesses annually fail to execute backup withholding as required. Backup withholding is essential when you don't have your contractor’s taxpayer ID number at the time of payment or in specific CP-2100 letter situations where the contractor fails to respond to your B Notice within 30 days. The consequences of neglecting backup withholding can be severe, including substantial fines and penalties.

This comprehensive training session by Jason Dinesen EA, LPA, will demystify the intricacies of backup withholding. Attendees will learn when backup withholding is required, how to report it using Form 945, and the steps to take if the IRS initiates an inquiry. The session will also examine a recent court case where the IRS attempted to levy $1.2 million against a small business for non-compliance. By participating in this webinar, you will gain essential knowledge and practical tools to ensure your organization adheres to IRS regulations, thereby safeguarding against significant penalties and enhancing overall compliance.

 What You'll Learn:

  • Backup Withholding Definitions: Understand what backup withholding is and why it’s important.
  • Requirements and Parameters: Learn when backup withholding is required and how to comply with the rules.
  • CP-2100 and B Notice Requirements: Navigate the intricacies of CP-2100 letters and B Notices.
  • Form 945 Use: Discover how to report backup withholding using Form 945.
  • Court Case Insight: Review a recent court case where the IRS assessed $1.2 million against a small business for non-compliance.

Webinar Objectives

After participating in this webinar, attendees will be able to:

  • Define backup withholding.
  • Identify situations requiring backup withholding.
  • Execute backup withholding correctly.
  • Report backup withholding using Form 945.
  • Understand the IRS's perspective on audits and court cases related to backup withholding.
  • Implement best practices to avoid compliance issues, including proper use of Form W-9.

Webinar Highlights

  • Current Case Studies: Learn from real-world examples.
  • Handling CP-2100 Letters: Best practices for managing CP-2100 letters.
  • Organizational Processes: Develop effective processes for backup withholding.

 

Who Should Attend

Accountants, CPAs, Tax Preparers, Bookkeepers, Enrolled Agents, Office Managers, Small Business Owners, Entrepreneurs

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