Market Areas > Corporate Finance > TIPRA 2005 Sec 511

Complying with TIPRA 2005 Sec 511: Reporting & Backup Withholding for All Government Agencies

Course Description:

Government agencies -- federal, state and local -- are required to begin the withholding of 3 percent federal tax on purchases of materials and payments for services made after December 31, 2010.

All payment systems, information reporting and withholding processes must be functional prior to that date. Third party service providers to these agencies may be responsible for incorporating the required processes as well, if their contact specifies.

If your organization is a government agency or if your company performs services for these agencies, you can’t afford to miss this critical CCM audio conference.

Beginning as early as 2009 your processes and procedures may drastically change for:

• Corporate reporting,
• Requirement for TIN Matching on Service Providers,
• Service Provider Request for Federal Withholding,
• and more.

In this time sensitive event, CCM and IRSCompliance will provide you with the most up-to-date legislative information regarding information returns, withholding, and income tracking.

By the end of this 75-minute session, you’ll also get the answers to questions like: 

• What impact will TIPRA 2005 Sec 511 have on information reporting and withholding regulations for federal, state and local Government entities?

• How does the “Proposal to Allow Service Providers to Request Federal Withholding at Various Rates” affect my current processes?

Yes - you did read this correctly. Should this portion of the Bush Tax Proposal pass, service providers will be permitted to request that you the payer withhold at one of three percentages from payments for their services.

Companies who do not have a mechanism to withhold tax from 1099 payments for services would now need to incorporate this process and deposit federal tax on behalf of service providers.

• What does the “Proposal to Require the Application of Regulations for Payments for Services Issued to Corporations” as it applies to TIN Certification, Backup/Mandatory Withholding and Information Returns mean for us?

For the majority of filers, Corporate Reporting will significantly increase the volume of 1099 transactions required to be filed, corporate payees will need to be certified for the EIN (Employer Identification Number) and corporate name, and the number of B-Notices will greatly increase.

Featured FAculty:

Lynda Foertschbeck, EVP, IRSCompliance, Inc.

Lynda Foertschbeck, of IRSCompliance, Inc, has more than 25 years experience as a tax compliance professional in the development of compliance solutions of regulatory consulting services and tax software applications.  Prior to joining IRSCompliance Lynda served as Manager in the Tax Controversy Unit at Deloitte Tax, as Vice President and Compliance Product Manager at DISC, Incorporated (now CheckFree) and Director of Compliance Services for Moore, BCS.

Ms. Foertschbeck’ experience includes the development and enhancement of many proven tax software and service solutions for 1099, W2, 1042S processing and reporting to the IRS, SSA and state agencies.  This includes products from: 1099PRO, Convey, FASTTAX, ATSG Inc., MOORE BCS, and CheckFree.   Specific areas of contribution have included the direction and development of information reporting products and service lines, regulatory compliance support services and strategic business needs analysis.  

Doug Rogers, Director, IRSCompliance, Inc.

Doug Rogers, IRSCompliance, Inc, is a consultant on federal and state tax information reporting compliance and has supported a number of fortune 500 companies. He has been a lecturer at key tax conferences for a number of years and has had articles relating to tax risk published in both Worth Magazine and on CFO.COM.  Doug retired in 2006 from the IRS where he had served as the Program Director for Penalties & Interest under the stand-up of the new IRS. In that position he was responsible for providing the leadership, guidance, and direction with regards to all aspects of the Penalties & Interest Programs Service-wide. Doug is enrolled agent with the privilege of representing taxpayers, before the Internal Revenue Service without restrictions.

MONEY-BACK GUARANTEE:

We're so confident you'll get what you want out of this conference that we'll refund every penny if you're not completely satisfied. No questions asked! It's 100% risk-free!

Pricing:

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Your CD recording includes the complete audio conference presentation, audience Q&A and presentation materials.

APPROVED FOR RECERTIFICATION CREDIT:

Each CCM event presents a variety of information and is presented for each organization to develop its own approach and methodology.