Overview:

The IRS made major changes to Form 1099-MISC for 2021. Non-employee compensation for 2020 is to be reported on the newly released Form 1099-NEC instead of Form 1099-MISC. The electronic filing requirement is expected to change from 250 or more forms to 100 or more forms for returns filed in 2022. Preparation for this change is critical to staying in compliance.

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.

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Compliance Key

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