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Video instructions and help with filling out and completing Why 8850 Form Misc

Instructions and Help about Why 8850 Form Misc

Welcome to today's webinar we're going to go ahead and jump right in and get started so now right off of the bat here we see a number of important laws relative to achieving compliance with federal rules and regulations now before I get into the subject of the law is listed out before you just briefly for those of you have never attended one of my webinars I'm not a slide reader so I try to go in order down the slides and through the bullet point so there is a method to my madness but really the slides are more of an outline for my purposes or for what I see them as being so we'll just keep that in mind and then move forward with that in mind now the code sections you see in front of you of those and those are this is this is the law so when we talk about the hierarchy of what it is you're trying to do in terms of compliance due diligence and reporting this is the foundation of why it is you do or you're being told to do what you have to do essentially and so each of these code sections the Internal Revenue Code sections delineates those responsibilities and then from there we have publications and revenue procedures and treasury determinations and all that fun stuff form instructions that help pradditional information to help you do your job the bottom line is that and this is really important especially this time of year because in a week or so IRS proposed penalty notices are going to start going out now some of you listening in may be dealing with those on a regular basis others this might be the first year you get them but the bottom line is when you're dealing with the IRS on any level an audit proposed penalty notice what have you you need to cite to the law and this is the law and so and then you show how the facts and circumstances of a situation apply visa vie those laws and so whatever you're doing for being updated on the law and changes in the law it's important that you understand it all flows back to most of these code sections for today's purposes I say most for today's purposes because even though 1441 you see the fourth Code section comes into play tangentially and FATCA does as well it's really on the fringes of today's discussion and what we're really talking about today when we get to that 1099 miscellaneous filing is weeding out those types of payments because those are very very different in terms of reporting those involved especially the 1441 you're talking about forms 1042 1040 2s and FATCA as well and so even though in the context of fact oh we're still dealing with us persons we're dealing with their accounts abroad and payments to those accounts abroad so that's that's a very different thing so with all of that said let's go ahead then and move forward and there's been a whole slew of new changes in the law the IRS has been very busy this spring and summer and so into that and first off and again I know this isn't a topic that's part of today's content but given how many you know accounts payable and tax pros are listening in I'd be remiss if I didn't remind you or if you don't know them please listen up that the IRS spent June and July updating and revamping every single form w8 so we have brand new forms wabe and wabe any I am ye CIN exp that means new compliance requirements potentially new filing requirements and your need to update your staff and policies and procedures with the tools to collect and validate these new withholding certificates so that your 1040 to 1040 to s reporting's not flawed next year now okay with all that fun stuff freaking us out let's just step back from that and go over some recent changes and the w2 slash 1099 related compliance and reporting laws that are also having a big impact on how you do your job so one of the big things is enforcement's way up okay and the IRS has repeatedly iterated that yet again On January 10th the National Taxpayer Advocate and then the IRS data book that was released in March both are really hitting hard on this argument in this position that yes the budgets been cop cut but the IRS has reallocated resources within the yet that is making the enforcement part of things go through the roof to the extent that if you're a larger filer and that means someone in organization I with with merely um you know at least twenty million dollars in total assets you're an organization that's part of a group that's being audited at a nearly eighty percent rate and if your organization has even five million dollars in total assets they're being hit you have a one in three chance of getting audited year-over-year and so you really need to be careful on this year with your due diligence compliance and you really need to be careful with those forms 1099 miscellaneous um in addition you also need to be careful because earlier this year the IRS announced it's more likely than ever that when you file you're going to be penalized for minor 1099 err.

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