The IRS has stopped interpreting tax law over the phone. Where can you turn for reliable compliance updates?
Any person who has responsibility for 1099 and 1042-S reporting is required to be up-to-date on all current regulations. The penalties and risks associated with noncompliance are onerous, and the burden is on the organization—not the IRS—to see that staff is educated about regulatory updates. Ignorance of the law leaves an organization exposed to costly penalties and legal fees.
"These webinars answer numerous technical compliance questions for members and keep them abreast of the latest 1099 filing requirements. For example, when the new 1099-NEC form was introduced, many states had not yet posted any guidance for filing, and AP professionals were actively looking for guidance. IOFM was often the only source of reliable information regarding the new form at the time.”