DATE: Thursday, May 20, 2021
TIME: 3:00pm EDT
DURATION: 60 minutes including Q&A
The most common cause of 1099 reporting errors is mismatches between recipient names with TINs. If the name and TIN reported on a 1099 form do not match what’s in the IRS database, an error will occur. Errors can lead to incorrect filing penalties and trigger withholding obligations for your organization. Name and TIN mismatch errors can also result in expensive IRS information reporting penalties, amounting to $270 per form, with a cap of about $3.3 million for large businesses.
Penalties for inaccurate data are not the only issue for organizations focused on rapid growth. The additional time and expense of payee outreach and corrections are extremely costly as well.
Luckily much of this can be avoided with a simple automated check during the onboarding process – an area in which our solutions at Sovos specialize.
Watch the on-demand video recording of the webinar to learn from the experts at Sovos and understand what you need to know about the sneaky, but important topic of TIN Matching & the business implications behind avoiding these processes. Topics covered on this webinar included:
- What is TIN Matching?
- Importance of TIN Matching
- Benefits of a TIN Matching software solution
- How Sovos can help
- Demo of Sovos’ Tools:
- Bulk TIN Matching
- Real-Time TIN Matching