Form 1099: Latest Forms Rules and Reporting Regulations
Overview:
This webinar will cover the latest updates for Form 1099-MISC, as well as the new version of Form 1099-NEC. It will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements, and reporting guidelines.
The webinar will cover filing due dates, penalties for late filed and late furnished returns. It will also discuss the various ways to prevent and mitigate penalties including the safe harbor provisions for for de minimis dollar amount errors and the important "reasonable cause" defense. It will also cover steps that can be taken to prevent penalties such as taxpayer identification number verification, backup withholding, handling B-notices, filing procedures and correcting errors.
Why should you attend?
Areas Covered in the Session :
- Information Returns 2020 update to Form 1099-MISC; Resurrection of 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 Forms
- Procedures and policies that establish "reasonable cause" and avoid penalties
Who can Benefit:
- CFOs and Controllers
- Accounts Payable and Accounting Managers
- Accounts Payable Processing Professionals
- Employers and Business Owners
- Purchasing Managers
- Public Accountants, CPAs, and Enrolled Agents
Speaker and Presenter Information
Patrick Haggerty is Keynote Speaker at Ijona Skills. He is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988.
Relevant Government Agencies
1099 Contractors
Event Type
Webcast
This event has no exhibitor/sponsor opportunities
When
Wed, May 6, 2020, 1:00pm - 2:30pm
ET
Website
Click here to visit event website
Organizer
Ijona Skills