Why use IRS e-services TIN Matching Program
Any company that submits IRS Forms 1099 to the IRS can possibly benefit from using the IRS Taxpayer Identification Number (TIN) Matching program. The program is a free service included in IRS e-services. Any authorized person can access e-services and submit payees for the matching process. The IRS will not tell you the correct TIN but they will let you know that the TIN and Name combination you submitted is incorrect. You can then go back to the payee for a corrected form W-9, which is a request for a Taxpayer Identification Number. A correct W-9 is the key to a correct Form 1099.
The purpose of TIN Matching is to help you avoid mis-matches, IRS “B” Notices, Backup withholding Notices, and the company potential penalties. TIN Matching is not mandatory but recommended. It is hoped that TIN Matching will save you time, money, and potential penalties.
Why should you Attend: If you are your company prepare Forms 1099 and send the IRS, you may benefit from the IRS TIN Matching Program. The major benefits of the program is that it allows you to into the name and Taxpayer Identification Number into the IRS e-services TIN Matching Program and the IRS will notify you if the name and number you submitted matches. Therefore, when you prepare the Forms 1099, you are confident that you will not later receive an IRS Backup Withholding Notice.
The hope if that by using the matching program prior to submission of forms 1099, you will save the company potential penalties and you or other employees time in responding to IRS “B” Notices and the other resulting correspondence to venders/payees.
Areas Covered in the Session:
Who Will Benefit:
- What is IRS e-services.
- How to apply to use IRS e-services.
- What is TIN Matching
- When to use IRS TIN Matching.
- Advantages of IRS TIN Matching
- What are IRS “B” Notices
- Potential IRS Penalties
- CPA and staff
- EA & staff
- Attorneys & staff
- Accounting Department Staff
- Controller & Staff
- Staff responsible for preparing Forms 1099