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Federal & State Information Reporting & Withholding Certification
Attempting to research federal and state regulatory requirements and gain a clear understanding of the law can be burdensome to you and your employer – getting CIRS certified takes you through the process and requirements preparing you with the knowledge you need to comply.
Ongoing education offered by IRS Compliance retains your accreditation and keeps you up to date on the ever changing regulations. With the ever changing Federal and State Legislative Regulatory Requirements, the financial risks for any U.S. Organization that is not knowledgeable and the staff and business areas prepared to comply with complex regulations could face significant financial risk and the possibility that you may be required to make a public disclosure of the areas where your company is not compliant and the associated liability risk for penalties, withholding and interest. The IRS Penalty Program can be up to $260 per record for missing and/or invalid TIN. In addition the Penalty Program has been increased across the board including intentional disregard.
These are just some of the initiatives at the Federal IRS level – there are also many complex State Regulations on mandatory, backup, cross- state withholding and direct information reporting. States are comparing information obtained from the IRS and do have penalty programs which they enforce. Several of the states have passed legislation to piggyback on the new IRS laws, further increasing the penalties and financial risks. The IRS has newsletters, bulletins and notices of new and proposed legislation to ensure that all U.S. companies have access to the information, have time to prepare and implement requirements. Therefore, ignorance of the regulations is not an acceptable defense. It is your company’s responsibility to stay educated, knowledgeable and implement any changes or processes necessary to comply.