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

This presentation on essential tax compliance will show you the regulatory requirements and best practices for protecting your organization against 24% federal tax liability assessments. 

What you learn in this program will better equip you to handle important Notices when the IRS issues them to your organization, including recommended procedures at three stages of compliance:

• Initial vendor setup – actions or omissions which can “make or break” your organization’s compliance 
• IRS Notice CP2100 – the specific actions you’re required to take within strict time limits when this IRS “B Notice” is issued to your organization 
• IRS Notice 972CG -- how a fact-based, documented and timely response to this IRS penalty notice can prevent assessment of the proposed penalty amount. 

This program will also cover researching whether a tax ID number matches your 1099 reportable payee’s name; the regulatory requirements to backup withhold federal income tax from certain payments; the federal tax deposit schedule for withheld amounts; and what the tax regulations identify as reasonable cause for relief from the proposed tax penalties.  

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.