IRS Training Kit for Tax Professionals

Training CD / USB Drive

$699.00
$1,398.00 (50%)
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One CD/USB is for usage in one location only.
(For multiple locations contact Customer Care)
CD/USB and Ref. material will be shipped within 15 business days

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This training kit for tax professionals covers the latest on tax administration, tax preparation for tax returns, IRS compliance, and quality reviews. Understand the regulatory requirements and keep your company in compliance. This package will help you ensure that your records will stand the scrutiny of an IRS 3rd party documentation and reporting an audit. It will help you avoid the penalties for noncompliance and build the best defense against the 972-CG Notice of Proposed Penalty Letter

Order this training kit for tax professionals today!

All Modules:

Module 1: 1099 & W-9 Update - Complying with IRS Information Reporting Guidelines
Module 2: Personal and Business Tax Returns Analysis - 1040 Federal Tax Returns, K-1 Forms and Tax Code Updates
Module 3: TIN Matching and B Notices - How to Minimize the Paperwork from Complaints on IRS Information Returns
Module 4: Non Resident Alien Payee (1042-S, W-8) - How to Handle the Information Reporting and Backup Withholding Requirements of the IRS
Module 5: Payroll Tax Update and Filing of W-2 and W-4 for 2019: Preparing for January 2020 Deadline
Module 6: TIN Solicitation Best Practices

Part 1 : 1099 & W-9 Update - Complying with IRS Information Reporting Guidelines
Instructor: Miles Hutchinson

Areas Covered in the Webinar:

  • How can we best set up an independent contractor in our vendor payment system to ensure compliance with the IRS reporting rules?
  • Protocols for setting up new vendors (ICs)
  • When to require a Form W-9
  • How to test the accuracy of the W-9 information with the IRS’s records – for free!
  • Who and what you pay determines whether you must report (1099 reporting)
  • Forms to use to document your independent contractor as reportable or non-reportable
  • Required governmental reporting on ICs
  • Form 1099-Misc – guidelines for proper use and classification of diverse payments on this form
  • Best practices for filing 1099s with the IRS – TIP: never file early!
  • The government wants to remove the exemptions – what this means to you

Part 2 : Personal and Business Tax Returns Analysis - 1040 Federal Tax Returns, K-1 Forms and Tax Code Updates
Instructor: David L Osburn

Areas Covered in the Webinar:

  • Review the basic structure of the personal 1040 federal tax return (including the various schedules and K-1 forms),
  • Use analysis techniques to prepare a personal cash flow from information gleaned from the 1040 and the related schedules,
  • Discuss recent changes in the tax code including the “Tax Cuts and Jobs Act” (TCJA) and how they affect the bank’s clients, and
  • Describe how the 1040 tax return can be used to market the bank’s products and services.

The second part includes:

  • Discuss the structure of a C corporation, S corporation, and Partnership (including LLC) tax return,
  • Analyze business tax returns and prepare cash flows for these entities,
  • Draw additional information from the business returns including identifying fraudulent tax returns,
  • Discuss updates in the tax code including the TCJA as they apply to businesses.

Part 3 : TIN Matching and B Notices - How to Minimize the Paperwork from Complaints on IRS Information Returns
Instructor: Miles Hutchinson

Areas Covered in the Webinar:

  • Starter Question: What is TIN Matching?
  • What are the benefits of the TIN Matching System?
  • Who must request access to the TIN Match system?
  • How do we register to use the system, including the 2-step verification system introduced 12/10/17?
  • How does the TIN Match system work?
  • What are the best practices for managing 1099 reporting requirements?
  • How do I deal with vendors who report incorrect information on their W-4’s?
  • B-Notices: when I receive a letter from the IRS stating I have incorrect names/TINS on my 1099’s, what must I do and what about the deadlines?
  • What if I receive a Notice of Proposed Penalty?
  • How do we negotiate a reduction or eliminate the penalty?
  • How do we leverage the Reasonable Cause Regulations?
  • How does TIN Matching impact the fight to reduce proposed penalties?

Part 4 : Non Resident Alien Payee (1042-S, W-8) - How to Handle the Information Reporting and Backup Withholding Requirements of the IRS
Instructor: Miles Hutchinson

Areas Covered in the Webinar:

  • Ensure compliance with IRS information reporting and backup withholding requirements for NRAs
  • Understand how to manage nonresident alien payee' tax issues efficiently
  • Develop an effective plan to improve your company's regulatory compliance
  • How to determine whether Nonresident Aliens are working for you
  • The five variations of Forms W-8, including the most recent addition - W-8BEN-E
  • How to determine which W-8 to provide to the NRA
  • How NRA individuals must support their claim of exemption from withholding
  • The best way to handle questions from NRAs who do not understand your requests or the forms
  • Tax treaties and how to use them to confirm a claim of exemption from or reduced rate of backup withholding
  • How to make your backup withholding deposits timely and keep the IRS from confusing them with your payroll tax and other withholding deposits
  • Form 1042-S and related forms for filing and reporting backup withholding on the Annual Withholding Tax Return

Part 5 : Payroll Tax Update and Filing of W-2 and W-4 for 2019: Preparing for January 2020 Deadline
Instructor: Miles Hutchinson

Areas Covered in the Webinar:

  • Review legal and regulatory changes for the reporting year
  • Summary of the impacts of the Tax Credits and Jobs Act
  • Benefits/credits about to expire
  • Retirement funding – new thresholds
  • Updated forms, including the new 2020 form W-4 (no longer based on exemption allowances)
  • Reporting the cost of employer sponsored health coverage – which employers are affected, when employers must begin reporting, what to report, valuation methods, etc.
  • How to handle expense reimbursements made to employees - reportable/taxable?
  • How to efficiently execute an electronic W-4 program
  • Verifying employee social security numbers online
  • Electronic filing with the SSA using Business Services Online (BSO) – the requirements and benefits
  • Where to turn when you want to transmit employee copies of W-2’s electronically
  • What your company can do to minimize resource consumption when complying with this regulatory reporting requirement
  • What if we make a mistake? Corrections and penalties

Part 6 : TIN Solicitation Best Practices
Instructor: Mary Schaeffer

Areas Covered in the Webinar:

  • 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
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Refund Policy

Registrants may cancel up to two working days prior to the course start date and will receive a letter of credit to be used towards a future course up to one year from date of issuance. ComplianceOnline would process/provide refund if the Live Webinar has been cancelled. The attendee could choose between the recorded version of the webinar or refund for any cancelled webinar. Refunds will not be given to participants who do not show up for the webinar. On-Demand Recordings can be requested in exchange.

Webinar may be cancelled due to lack of enrolment or unavoidable factors. Registrants will be notified 24hours in advance if a cancellation occurs. Substitutions can happen any time.

If you have any concern about the content of the webinar and not satisfied please contact us at below email or by call mentioning your feedback for resolution of the matter.

We respect feedback/opinions of our customers which enables us to improve our products and services. To contact us please email customercare@complianceonline.com call +1-888-717-2436 (Toll Free).

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