IRS B Notice and Penalty Notice Required Actions and Best Practices | Product

The 2022 edition of this essential tax compliance training program will provide updates on the current IRS administrative procedures for Notice CP 2100 (“B Notice”) and Notice 972CG (information return penalty assessment against your organization).

You’ll learn best practices which better equip you to handle these important Notices when the IRS issues them to your organization, including the three stages of compliance: (1) the initial vendor setup (which can “make or break” your compliance capability); (2) the actions you’re required to take within strict time limits when the IRS CP2100 B Notice is issued to your organization; and (3) how certain fact-based, detailed and timely response to IRS Notice 972-CG can prevent assessment of the proposed penalty amount.  We’ll cover:

• Best practices for vendor setup and solicitation of TINs (taxpayer identification numbers)
• Resources to validate whether a tax ID number matches your 1099 reportable payee’s name
• Backup withholding federal income tax from certain payments and making federal tax deposits when required by tax regulations
• Steps for correct processing of B Notices (CP 2100/2100A) issued to your company by the IRS
• Responding to IRS proposed penalty notices (972CG) using your documented TIN solicitation, B Notice and backup withholding history.

Learning Objectives:

• Solicit tax identification numbers from payees as required by tax regulations
• Apply backup withholding to certain payments as required by tax regulations
• Implement payee and IRS correspondence and recordkeeping for regulatory compliance and defense against information return penalty assessments.