Register now for the Premier Tax Compliance, Withholding and Accounts Payable event of the year! Tax, legal and accounts payable professionals will gain the knowledge they need to plan for, and incorporate newly enacted and pending legislative regulatory requirements in order for your organization to comply with the ever changing federal and state regulations. Congress has passed several pieces of legislation that go into effect over the next two years that will significantly impact every US Organization that issues payments;

• Corporations
• Issues payment for goods and materials or "gross proceeds"
• Merchant Reimbursement (IRS Section 6050W) for Certification, Withholding and Reporting
• TIPRA 2005 – Mandatory 3 % Federal Withholding on payments for goods and/or services to any vendor. Any Federal, State or Local government agency that meets certain budget criteria is required to implement
• The conference agenda explores the realm of business requirements
• FATCA – Foreign Account Tax Compliance Act
• Cost Basis Reporting
• Health Care Bill

Pending Legislation also includes increased penalties related to compliance with information return regulations and Missing and Invalid Payee TIN and Names. This item is currently on the “Extender Bill” and is expected to pass. The combination of these legislative initiatives are set to go into effect generally beginning in tax year 2011 and spanning to tax year 2013 for implementation. The sheer nature of the requirements will have widespread impact on all US Organizations and government agencies within the US issuing payments in the course of their trade or business to both US and foreign payees.

Additionally, foreign payers/Withholding Agents issuing payments to US Account holders are faced with regulatory requirements to identify their US account holders, report and in some cases implement withholding. Corporate reporting and the requirement to report goods and materials as well as the addition of the wording "Gross Proceeds" to the IRS Regulation 6041 presents a myriad of issues that the payer/filer must consider. Increased numbers of accounts, documenting corporations, backup and mandatory withholding, increased number of missing and invalid tax ids (TIN’s), increased B-Notices, and increased number of Assessed Penalties. With the legislative bill to increase the tiered penalty structure penalty amounts – the risks are now greater than ever.

Preparing to comply with new regulations

• Non government payees receiving payments for goods and services from federal, state or local governments will receive payments that will be only 97% on the invoiced or contractual amounts
• Government agencies must be prepared to track payments for goods and services and withhold 3% federal tax and any percentage of withholding certain states require to be withheld. The federal and state withholding regulations apply regardless of the method of payment
• Account opening procedures and vendor approval processes need to accommodate certification of all Payees – corporations, materials providers
• Payment systems must apply 3 % withholding if the Payor is a government agency
• Payment systems should separate materials from service charges
• Document and certify all Payees
• Validate all Payees to reduce notices and penalties
• And more...

Prerequisites

There are no prerequisites or advanced preparations for the classes. This conference is applicable to all levels - beginners, intermediates, and advanced. Beginner orientation sessions and a workshop track are available for attendees who are new to the area of information reporting and withholding requirements as well as accounts payable. Sessions apply to professionals in legal, tax and accounting areas.

Conference Focus

The focus of this conference is to concentrate on payment, process, and management issues that impact all businesses. These issues include: sound accounting practices, accounts payable processes, withholding, and compliance issues such as IRS and State regulatory requirements. This conference provides a forum for tax and accounts payable professionals to exchange ideas and best practices. Comprehensive workshops will cover basic to advanced regulatory issues, and specialized training on some of the best compliance software tools available today. Educational forum workshops are scheduled every day to allow attendees to interact with their peers and to actively participate in each session. This format allows the attendees the opportunity to attend general sessions conducted by recognized experts in the industry, IRS, SSA and State agencies.