W-9s and 1099s
For years, the IRS has struggled with the independent contractor and tax collection. In assessing opportunities to close the tax gap (taxes due but not reported or paid), one of the greatest opportunities comes from expanding the information reporting on taxpayers by payors - the 1099. This time consuming reporting obligation can be streamlined in a number of ways. Join us to learn more.
Areas Covered in the Session:
- Starter Question: How can we best set up an independent contractor in our vendor payment system to ensure compliance with the IRS reporting rules?
- Protocols for setting up new vendors (ICs)
- When to require a Form W-9
- How to test the accuracy of the W-9 information with the IRS's records - for free!
- Who and what you pay determines whether you must report (1099 reporting)
- Forms to use to document your independent contractor as reportable or non-reportable
- Required governmental reporting on ICs
- Form 1099-NEC - New for 2020, this form addresses Non-employee compensation
- Form 1099-MISC - guidelines for proper use and classification of diverse payments on this form
- Best practices for filing 1099s with the IRS - TIP: never file early!
- The government wants to remove the exemptions - what this means to you
Who can Benefit:
- Bank Managers
- Compliance Officers
- Information Reporting Officers
- Tax Managers
- CFOs
- Controllers
- Accounting Managers
- Auditors
- IT Managers
- Compliance Managers
- Risk Managers
Speaker and Presenter Information
Miles Hutchinson is a keynote speaker of ComplianceKey. He is a CGMA and experienced businessman. He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a $1 billion real estate development company. Miles is a professional speaker and consultant who has presented over 2,700 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act.
Relevant Government Agencies
Dept of Education
Event Type
Webcast
This event has no exhibitor/sponsor opportunities
When
Tue, Aug 31, 2021, 1:00pm - 2:30pm
ET
Website
Click here to visit event website
Organizer
compliance key