With ever-changing federal legislative and regulatory requirements, any organization that is not knowledgeable and prepared to comply with complex regulations could face significant penalty assessments, which could also be subject to public disclosure.

The penalties and risks associated with noncompliance are onerous, and the burden is on you and your organization – not the IRS – to see that you are educated about regulatory updates. Ignorance of the law leaves you and your company exposed to costly penalties and legal fees.

This session addresses in detail the Form W-9 solicitation, backup withholding, tax deposit, and reporting requirements. It also reviews the B-Notice and Penalty Notice procedures and includes a brief overview of Form 1042-S withholding and reporting requirements for payments to foreign vendors.

Accurate payment reporting is a critical function in AP, and earning a certification in this area of accounts payable demonstrates to your employer that you are dedicated to achieving 100% compliance. Employees who have earned the CPRS designation can play a key role in ensuring accurate reporting and avoidance of penalty tax assessments – improving the bottom line and increasing your value to the organization.