Understand Changes for 2009 and Avoid Mishaps in Tax Reporting Compliance

CARROLLTON, Texas, Aug. 18 /PRNewswire-FirstCall/ -- The Tax & Accounting business of Thomson Reuters is now offering a series of seminars covering Form 1099 Tax Compliance to help companies mitigate risk and avoid liability from 1099 reporting challenges.

"With U.S. tax regulations and audits on the rise, it's critical that corporate tax professionals fully understand 1099 compliance procedures as well as the new regulations involving credit cards, corporate exceptions, electronic filing, penalties for errors, and the proposed tax withholding for vendor payments." said Jon Buschman, vice president of ONESOURCE 1099 at the Tax & Accounting business of Thomson Reuters. "These seminars are a 'must attend' for professionals seeking practical compliance guidance and up-to-date knowledge of IRS requirements."

The 1099 Tax Compliance Seminars are led by Marianne Couch, J.D., industry renowned expert in federal and state tax information reporting. She is a co-founder of Cokala, and was formerly Research director at Balance Consulting and a member of the IRS Information Reporting Program Advisory Committee (IRPAC). Couch is a frequent lecturer at tax conferences and author of numerous published articles.

This new program from Thomson Reuters is offered in several major cities and consists of three seminars in as many days. Participants can register for one, two or all three seminars according to their needs.

Day 1: Form 1099 Tax Compliance for 2009 will cover:

• Payments made during 2009 that must be reported to the IRS on a Form 1099;
• Specific categories of payees and payments that are not reportable;
• Clues that should trigger doubt of the documentation furnished by a payee on Form W-9;
• Identifying the reportable payee in the case of sole proprietors, LLCs, or middle-agents;
• Payment situations in which the company has a backup withholding obligation;
• How to prepare IRS Forms 1099 for 2009 and file with the IRS; and
• Compliance with filing requirements for Form 945 and reconciliation of withheld federal tax.