Office of Internal Audit > Self-Assessment of Internal Controls

Office of Internal Audit
PO Box 1510
Pembroke, NC 28372

Phone: 910.775.4403
Fax: 910.521.6176
Email: larry.jacobs@uncp.edu

Location: Lumbee Hall, Room 324
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Compliance with IRS Backup Withholding Requirements

Name:
Title:
Phone Number:
Department:
Date Submitted:
Form: Compliance with IRS Backup Withholding Requirements
Fiscal Year-End: 2005

A. Documentation:
Yes	N/A	No
			1. Is there a formal plan of organization under which responsibilities are assigned for identifying payees and payments subject to Backup Withholding? Name of person responsible: Title:
			2. Does the agency have written instructions available for responsible agency personnel to use as a guide for consistent, accurate, preparation of all IRS Forms required for Backup Withholding?
			3. Does the formal plan identify the specific individuals responsible for determining if the notice received from the IRS is the first or second notification?
			4. Does the formal schedule have target dates for completing tasks associated with Backup Withholding within the time periods required by the IRS?
Comments for section A. (please specify question number)

B. Recording and Execution of Transaction and Events:
Yes	N/A	No
			5. Has the entity received CP2100 Notices for prior years information returns that contained missing, incorrect and/or currently not issued taxpayer identification numbers?
			6. Has the entity compared its records with the information furnished by the IRS?
			7. If the account information does not agree to agency records, has the agency checked to see if:
			a. The correct information was given on the return?
			b. The information changed after the return was filed?
			c. The IRS changed the information when processing the return?
			8. If the correct information was not given on the return, has the agency corrected its records and included that information on future information returns that may be filed?
			9. If the correct information changed after the return was filed, has the agency included that information on future information returns that may be filed?
			10. If the IRS changed the information when processing the return, has the agency corrected their records?
			11. If the account information does agree to agency records, has the agency determined if it is the first or second notice within three calendar years?
			12. If the CP2100 is the first notice received, has the agency in all cases:
			a. Sent the first B notice, a copy of Form W-9, and an optional reply envelope to the vendor within 15 business days from the CP2100 Notice or date received by agency?
			b. Is the B Notice dated no later than 30 business days from the date of the CP2100 notice or the date received by the agency?
			c. Is the outer envelope clearly marked IMPORTANT TAX INFORMATION ENCLOSED or IMPORTANT TAX RETURN DOCUMENT ENCLOSED?
			d. Allowed the payee 30 calendar days to provide a newly signed Form W-9?
			e. Kept the newly signed W-9 for the agencys records and updated records with the corrected information received from the vendor?
			f. Begun backup withholding on payments made to vendors who did not respond within 30 business days from the date of the CP2100?
			13. If the CP2100 is the second notice received, has the agency:
			a. Sent the second B notice and an optional reply envelope to the vendor within 15 business days from the CP2100 Notice or date received by agency.?
			b. Is the B Notice dated no later than 30 business days from the date of the CP2100 notice or the date received by the agency?
			c. Is the outer envelope clearly marked IMPORTANT TAX INFORMATION ENCLOSED or IMPORTANT TAX RETURN DOCUMENT ENCLOSED?
			d. Allowed the payee 30 business days from the date of the agency request to receive either SSA Form 7028, Notice to Third Party of Social Security Assignment from the SSA or a copy of IRS Letter 147C from the vendor?
			e. Begun backup withholding on payments made to payees if SSA Form 7028 or IRS Letter147C was not received within 30 business days?
			14. Has the entity deposited funds withheld using the same rules as those used for employment taxes (IRS Circular E or IRS Forms 941 ) and filed IRS Form 945 Annual Return of Withheld Federal IncomeTax , by January 31 of the following year?

Comments for section B. (please specify question number)

By clicking the Submit button, I do hereby certify, to the best of my knowledge, that the answers provided in this self-assessment of internal control is a true representation of the operations of this department.

Updated: Friday, July 22, 2005

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