The average cost of communicating a proposed penalty is estimated at $ 150,000, including the penalty itself plus the additional cost of consultants, staff, legacy record cleanup, etc. Compliance is far cheaper than the alternative.
- Are you complying with data collection, backup retention and information reporting regulations?
- How do you determine if you can accept a W-9 from someone or if you need to request a W-8 instead?
- What if you send them …