Form 1099-MISC 1099-NEC Compliance: How to Minimize Errors in 2021

Overview:

This webinar will focus on the latest updates for Forms 1099-MISC and 1099-NEC as well as expected updates to forms and processes for 2021. It will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines.

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
• Expected updates to forms and processes for 2021
• 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 Forms
• Procedures and policies that establish "reasonable cause" and avoid penalties

Speaker Profile:

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