IRS Form 1099 Reporting Update for 2021

Overview:

This webinar will discuss reporting 2020 information as required on Forms 1099-MISC and 1099-NEC in early 2021 as well as expected updates to the forms for reporting 2021 information.

Areas Covered in the Session:

• Information Returns: 2020 update to Form 1099-MISC; New Form 1099-NEC
• Information Returns: What they are and using the Guide to Information Returns
• Forms 1099-MISC, 1099-NEC and 1096: Identification of reportable payments and payees
• Common 1099 errors - how to prevent them and how to correct them
• Taxpayer identification number basics: Which number to use
• Form W-9: documentation that establishes reportable and non-reportable payees
• Due diligence procedures avoid or mitigate penalties
• How to handle missing or incorrect payee tax ID numbers
• "B" notice procedures: When to issue and how to follow-up
• Using the IRS TIN verification system to avoid IRS notices
• Backup withholding requirements and procedures
• Penalties for late or incorrect 1099 Form
• Procedures and policies that establish "reasonable cause" and avoid penalties

Speaker:

Patrick Haggerty is Keynote Speaker at ComplianceKey. He is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice.

Offer : (10% Off) On New Signup

Contact Info :

Compliance Key

https://www.compliancekey.com/

Email : support@compliancekey.us

Phone : +1 717-208-8666