Backup Withholding, The Forgotten Piece of the 1099 World

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. 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. 

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

• 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

Featured Speaker

Jason Dinesen

Jason 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 professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more.

He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting. He also teaches on Individual Income Tax and Business Analytics. Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa. Jason was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola, Iowa.

Continuing education credits available!

 Continuing Education for IOFM Certification

Receive 2 CEUs toward maintaining a certification with IOFM! IOFM's premier certification programs are designed to establish standards for the industry and recognize financial operations professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the body of knowledge in their profession. Additional rules may apply, depending on your certification. See full guidelines here. 

 Continuing Professional Education for NASBA

Receive 1.5 CPEs towards a CPA license with NASBA. IOFM, A Diversified Business Communications Company, is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors (Sponsor number: 112048) State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. For more information about our NASBA CPE Policies, visit IOFM.com/nasba-cpe.

Accessibility Information:

IOFM is committed to accessibility. Disability-related accommodation requests for the live event (such as providing live captioning) should be sent to [email protected] by close of business the day before the live webinar. A captioned recording of this webinar can be made available upon request to [email protected].

Cancellation policy:

To cancel your registration for this event, simply contact IOFM customer service at [email protected] (or call 207-842-5557) no later than 24 hours prior to the scheduled start of the event. You can choose to access the full recorded event, or, your credit may be applied toward the purchase of any IOFM product or interactive event. If for any reason you are not completely satisfied with this program, we will provide a full refund — no questions asked!

For more information:

Contact Customer Service:

Phone: (207) 842-5557

Email: [email protected]