TAX AND REGULATORY
1099 Reporting — Finding an Automated Solution Ken Saylor – Product Manager – ONESOURCE 1099 Whether you are automating your 1099 process for the first time, upgrading to new technology, or considering an outsourcing solution, there are specific things to look for, and to look out for, when considering the various products and services currently available. In this session, we will cover some of the key decision points in making the correct determination of which solution or combination of solutions may be right for you. Our focus will be on the application of the latest technologies and their integration with various levels of outsourcing services. Discussion will include: • Business requirements 1099: Now What? Adam Lambert – Executive Director, Employment Tax Services Proposed changes to 1099 reporting requirements have had AP departments on a roller-coaster ride for the past several months. Stephanie Pfister, who advises her business clients on a variety reporting, tax, and insurance issues, bring us up to date with the requirements and how they may change with pending legislation. Bring your specific questions to help guide the timing and nature of your preparation for changes in the law. About the presenter: Pfister's areas of expertise includes all types of wage reporting, multistate withholding, audit defense, penalty abatements, mergers and acquisition due diligence, state unemployment insurance, employment tax form filing compliance, and employee versus independent contractor classification issues. She also consults regularly on Form 1099 reporting and compliance issues. 1099 Reporting Essentials Steven Mercatante – Principal This session is designed especially for those new to 1099 reporting and compliance or seeking a refresher. We will provide introductory information regarding data collection, verification, reporting, and compliance for those who prepare and those who supervise preparation of federal tax information reporting of Form 1099. An Introduction to 1099 Reporting Dan Bethel – Regional Sales Manager This session is designed especially for those new to 1099 reporting and compliance. We will provide introductory information for those who preapre and those who supervise preparation of federal tax information reporting Form 1099. To whom should you issue a 1099 and what are the rules? When do you need to mail? Electronic or paper — what are the rules for submitting the the IRS? How can real-time TIN look-up and bulk TIN-matching make your life easier? Find out the answers to these and all your 1099 questions in this informative session designed to cover all the basics and make you feel like a seasoned professional. Basics about Form W-8 and Form 1042-S Reporting Cyrus Daftary – Partner The IRS has made Form 1042 audits a Tier 1 audit focus. Audits are happening all around the country, and many AP departments are learning how complex the rules are. FATCA promises to add another level of complexity to this area of compliance. Come learn about the ever-changing world that is nonresident alien reporting. This session will address securing proper W-8 documentation and managing the required IRS document due diligence validation standards and rules for filing 1042-S tax information. Compliance: What You Don't Know CAN Hurt You Jon Casher – President Revenue shortfalls at all levels of government have greatly increased scrutiny on companies in attempts to find additional revenue. At the federal level, changes in 1099 and 1042-S reporting as well as compliance with OFAC, Sarbanes-Oxley and the Foreign Corrupt Practices Act are just some of the issues that AP must address. At the state level, increased sales and use tax audits, escheatment audits, deadbeat parent reporting and withholding on payments to vendors are all creating challenges for AP. If you're doing business internationally, you face similar growing challenges as well. State, federal and international privacy legislation and rules add to the complexity. At this session, find out what you should be doing and how a compliance audit can help you put in place additional processes and controls to address these challenges. Electronic W-8 and W-9 Forms Cyrus Daftary – Partner With the passage of the Patient Protection and Affordable Care Act, most corporations become 1099-MISC reportable. With this significant increase in Form 1099 reporting comes a potential increase in penalty exposure from incorrect forms and TINs. This session will discuss the Section 6041 changes and how organizations have already begun to prepare for the January 1, 2012, effective date. Understand some of the best practice considerations including using electronic W-9 forms. Besides the domestic side, FATCA and the Form 1042 audits have companies contemplating electronic W-8 forms. Hear firsthand from the IRS what is required to secure a memorandum of understanding and what multinational corporations should consider as they design their systems. The IRS will detail the MOU process and its expectations. This session will also provide you with best practices considerations in building and implementing an electronic W-8 and/or W-9 system. Form 1099-MISC for 2011: Big Changes for Your Procedures and Processing Marianne Couch – Principal An unprecedented expansion of Form 1099-MISC reporting has been enacted into law. Payers must make big changes in procedures and systems to equip AP operations for compliance before the end of 2011. This session will explain the changes and what your organization should be doing now to prepare. The "corporate exception" is ending, so payments to corporations (except for nonprofits) will require 1099-MISC reporting. In addition, payments for "property" such as supplies, materials, and equipment will require 1099-MISC reporting, and you will be reporting "gross proceeds" payments. Plus, 1099 reporting of payments by p-card and other types of cards and electronic payment networks is ending for many payers, but certain payment processes and card programs will now trigger a requirement for IRS reporting on new Form 1099-K. Attend this session for clarification of all these new rules and how to implement them. Get it Right the First Time: Tax Identity Management John Adams – Product Manager You think you know who you're paying, but do you really? It's not enough to have a name and a TIN – you need to verify your information. Keeping complete and accurate TIN records is one of the most important keys to a sucessful information reporting program and a key way to eliminate IRS penalties. This session will go through strategies to help you stay on top of collecting and updating your name/TIN records efficiently. Good, clean data goes a long way toward mitigating compliance risk and avoiding headaches (not to mention B-Notices). Payments to Foreign Individuals and Entities: Complying with IRS Requirements for Services, Rents, Royalties, and Interest Paula Singer – Chair The IRS is turning a laser eye on Tier 1 withholding and reporting on payments to foreign nationals and entities. The session will focus on identifying and processing payments for services, rents, royalties, and interest to foreign vendors. Participants will learn: • How to identify foreign vendors, including using the substantial presence test. Learn how to collect and validate W-8 forms, perform the substantial presence test, apply treaty benefits, and process the 1042/1042-S. The substantive tax information provided can improve the quality of overall reporting, withholding systems, and procedures. Prepare Your Department for Upcoming 1099 Reporting Changes Sherry DePew – VP, Customer Development The changes to the 1099 reporting laws, enacted in the passage of the Patient Protection and Affordable Care Act, mean an increase in the reporting responsibilities of your AP department. Today, most companies are expected to perform 1099 reporting for less than 10 percent of their supplier population. When the new law takes effect, companies can expect reporting levels to rise above 90 percent. This increase in reporting levels directly impacts your AP department's need to collect and match TINs, and to collect W-9 and W-8 forms. With the proper planning and right tools, you can be confident that you will meet the new 1099 reporting challenges. In this workshop, we will cover: • An overview of the new 1099 tax laws. Sales and Use Compliance Sean Evans – Senior Tax Manager Keeping up with sales and use tax issues in a global, ever-changing business climate can be a nightmare. And the reporting, control, and audit requirements for accuracy never cease. The cost of ignorance in this particular field is sometimes incalculable. Sleep better at night by learning definitions, "lookfors," and procedures and methods for alleviating this stress. Experts in the field will help you see the big picture, suggest ways you can implement any cleanups necessary, and continue your education with up-to-date information. Session discussion will include: • Difference between sales tax and use tax The New World of 1099 Reporting: Get the Latest Updates John Adams – Product Manager Don't let the ever-changing 1099 rules catch you by surprise. Over the past 18 months there have been monumental alterations to tax information reporting rules and regulations that companies must comply with. In this session you will learn about these alterations so that you can better prepare for the upcoming tax season, avoid penalties, and ensure compliance. We will also cover current proposals for new laws so that you can get a jump start on any internal process modifications that you will need to make to have a successful tax reporting season. The TIPRA-ing Point: New Federal Tax Laws and How Public Sector Payables Teams Can Prepare for Them Bob Hebert – VP, State/Local Government and Higher From TIPRA provisions to healthcare legislation, a number of significant federal tax law changes hit in 2011 or loom for 2012. Hebert will present a special session for public sector payables people to help them prepare. He will discuss the Tax Increase Prevention and Reconciliation Act as one of many federal tax laws containing provisions that kick in during 2011 or 2012 and have implications for state and local governments as well as higher education institutions that deal with federal grants and other forms of federal funding. He'll also discuss new products and processes that can help the public sector stretch dollars in a time of severe budget pressure. Three Big IRS Audit Targets in AP: What You Need to Show for Form 1099, Form 1042, and Contractor Classification Compliance Marianne Couch – Principal How does the IRS uncover costly errors and omissions in your organization's handling of payments that should have been reported on tax information returns such as Form 1099, Form 1042-S (for payments to foreign individuals and entities), and Form W-2 (for payments to employees that went through AP)? When the IRS comes on-site or sends you requests to see documentation, it's not to look at the forms you filed — it's to look at a lot of background information that will point to forms you should have filed but didn't. Areas of focus: 1) Payments not flagged for 1099 reporting, or 1099 reported when they should have been on a W-2. Value Added Tax (VAT) — The Evolution of Legislation and How it Will Impact Your Organization's Savings Melissa Brod – VP, National Accounts Manager This breakout session will educate participants on the opportunities for value added tax as permitted under the 13th Directive legislation. Participants will learn of recent legislative changes such as the VAT package and pending legislative changes that will impact their VAT liabilities and opportunities for recovery. This session will review the fundamentals of VAT, areas of opportunity within an organization's AP department where VAT is incurred, and proactive initiatives to help address VAT issues. What You Need to Know About State ReportingTroy Thibodea – EVP, Marketing Convey – Business Services Presentation Style – Traditional PowerPoint Taxes – 1.0 Credit Basic #1980 – New Session
Just like the federal government, states keep changing their information reporting rules and you need to keep up. This session will take a closer look at the unique challenges associated with state reporting and withholding requirements, highlighting some of the special reporting requirements certain states dictate. You will learn how to become more efficient in managing state reporting, and where to find resources and tools to help you be successful. Why Aren't You Using the IRS TIN Matching System? Part 1 of 2 Sandy Champion – Manager, Accounts Payable This workshop will demonstrate the free IRS Taxpayer Identification Number (TIN) Matching Program. Learn the benefits of this program and how use of it can make IRS Form 1099-MISC filing more accurate. Find out how TIN matching will result in fewer problem resolution efforts when B-Notices and related penalties are issued. Discussion will include: • Benefits of the TIN Matching Program. The discussion, interaction, and demonstration will continue in Part 2. Why Aren't You Using the IRS TIN Matching System? Part 2 of 2 Sandy Champion – Manager, Accounts Payable This will be a continuation, so attendance of Part 1 is greatly encouraged but not required. The discussion in Part 2 will include a more thorough demonstration of the TIN matching system as well as reporting requirements. With the newlyenacted and pending legislative regulatory requirements affecting 1099 reporting, are you ready? Withholding Tax from Vendor Payments: Your New Risk Exposure and How to Control It Marianne Couch – Principal Because you'll be required to report so many more payments on IRS Form 1099-MISC due to new tax law and regulations, and because your percentage-of-payment liability for backup withholding of tax is going up and the penalties for 1099 noncompliance have doubled, your organization faces a substantially higher risk of financial liability in this area. Many organizations have been looking at the cost of filing so many more 1099s, but few have calculated the withholding liability risk which can be astoundingly high: 31 percent of total payments on which documentation failure triggers your requirement to withhold from the vendor payments. The key to controlling the risk is in tax compliance policies and procedures. This session will cover the primary points of policy and procedure for controlling risk in vendor payment withholding liability, and give you a written executive summary of the problem that you can furnish to management.
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