This webinar will cover the latest updates for Form 1099-MISC, specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines. It will cover important changes to the filing due dates and the new safe harbor requirements for de minimis dollar amount errors. It will also cover penalty provisions and exceptions to the penalties, due diligence procedures, exceptions to penalties including reasonable cause, common errors, and correction of errors.
WHY SHOULD YOU ATTEND?
The changes in reporting requirements can be confusing and the IRS has recently made changes to reporting, error correction, and filing due date requirements. Accounts payable professionals, managers, and withholding agents need to be aware of the changes in order to avoid non-compliance and penalties. Penalties for non-compliance have recently been increased. In order to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients in order to be on-time, which information to include and how to make sure it is accurate, how and when to make corrections, how to avoid or mitigate errors, whether a particular payee is subject to backup withholding, or transaction reporting, and the due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.
AREA COVERED
- Reminders & What’s New
- Information Returns
- A walk through Form 1099-MISC
- Correcting Errors
- SSN, TIN, EIN
- TIN Solicitation & “B” Notices
- TIN Verification
- Backup Withholding
- Penalties and problems
LEARNING OBJECTIVES
- W-9 Procedures
- Overview of various Forms 1099
- IRS TIN Matching Program
- Developing Best Practices for Preparation of Forms 1099
- Potential Penalties for Payer and Tips to Avoid Penalties.
- Know when to furnish and file information returns under the new requirements.
- Understand the new de minimus error rules.
- Identify reportable payments and payees. Know when a 1099 is required.
- Be aware of common 1099 errors: Know how to avoid them and how to correct them.
- Understand backup withholding: What it is; When to start and when to stop; How to deposit and report.
- Understand the procedures for “B” notices: When to issue and how to follow-up.
- Know when the payment card rules apply and how 1099 reporting is affected.
- Understand how to document independent contractor as reportable or non- reportable.
- Know the procedures and policies that establish “reasonable cause” and avoid penalties.
WHO WILL BENEFIT?
- Specifically CPA, EA, Attorney and staff
- CPA, EA, Attorney & staff
- Accounts Payable
- Tax Departments
- Human Resources
- Construction Managers.
- CFOs and controllers
- Accounts payable and accounting managers
- Accounts payable processing professionals
- Employers and Business owners
- Purchasing managers and professionals
- Public accountants, CPAs and Enrolled Agent
The changes in reporting requirements can be confusing and the IRS has recently made changes to reporting, error correction, and filing due date requirements. Accounts payable professionals, managers, and withholding agents need to be aware of the changes in order to avoid non-compliance and penalties. Penalties for non-compliance have recently been increased. In order to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients in order to be on-time, which information to include and how to make sure it is accurate, how and when to make corrections, how to avoid or mitigate errors, whether a particular payee is subject to backup withholding, or transaction reporting, and the due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.
- Reminders & What’s New
- Information Returns
- A walk through Form 1099-MISC
- Correcting Errors
- SSN, TIN, EIN
- TIN Solicitation & “B” Notices
- TIN Verification
- Backup Withholding
- Penalties and problems
- W-9 Procedures
- Overview of various Forms 1099
- IRS TIN Matching Program
- Developing Best Practices for Preparation of Forms 1099
- Potential Penalties for Payer and Tips to Avoid Penalties.
- Know when to furnish and file information returns under the new requirements.
- Understand the new de minimus error rules.
- Identify reportable payments and payees. Know when a 1099 is required.
- Be aware of common 1099 errors: Know how to avoid them and how to correct them.
- Understand backup withholding: What it is; When to start and when to stop; How to deposit and report.
- Understand the procedures for “B” notices: When to issue and how to follow-up.
- Know when the payment card rules apply and how 1099 reporting is affected.
- Understand how to document independent contractor as reportable or non- reportable.
- Know the procedures and policies that establish “reasonable cause” and avoid penalties.
- Specifically CPA, EA, Attorney and staff
- CPA, EA, Attorney & staff
- Accounts Payable
- Tax Departments
- Human Resources
- Construction Managers.
- CFOs and controllers
- Accounts payable and accounting managers
- Accounts payable processing professionals
- Employers and Business owners
- Purchasing managers and professionals
- Public accountants, CPAs and Enrolled Agent
Speaker Profile
Patrick Haggerty 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. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.
Upcoming Webinars
California Meal and Rest Breaks: What You Dont Know Can Cos…
Responding to EEOC Discrimination Charges-What's Your Busin…
Implementing an Effective Human Error Reduction Program
Conflict Resolution - Prevent, De-escalate, Resolve
When Employees Travel: Wage and Expense Rules Employers Mus…
With Mandatory Paid Leave Gaining Ground Is It Time To Do A…
Female to Female Hostility @Workplace: All you Need to Know
Form 1099-MISC and 1099-NEC Compliance Update 2024
Validation Statistics for Non-Statisticians
The Totally Organized Professional Is All About Outcomes
Why EBITDA Doesn't Spell Cash Flow and What Does
GAMP5, Second Edition and Alignment with Computer Software …
Project Management for Non-Project Managers - Scheduling yo…
Sunshine Act Reporting - Clarification for Clinical Research
Understanding the Math of HR… So You Can Show How HR Impact…
FFIEC BSA/AML Examination Manual: What Compliance Officers …
How to Address ISO's New Climate Change Requirements
I-9 Audits: Strengthening Your Immigration Compliance Strat…
Re-imagine Finance & Accounting Made Simple. Three Webinars…
Stay Interviews: A Powerful and Low-Cost Employee Engagemen…
How To Conduct An Internal Harassment And Bullying Investig…
Effective Onboarding: How to Welcome, Engage, and Retain Ne…
Managing Toxic & Other Employees Who Have Attitude Issues
Analytical Method Validation Under Good Laboratory Practic…
Do's and Don'ts of Documenting Employee Behaviour, Performa…
Do's and Don'ts of Giving Effective Feedback for Performanc…
Onboarding New Hires: Leverage the Potential of Artificial …
Project Management for HR, Administrative Professionals, an…
Tattoos, hijabs, piercings, and pink hair: The challenges …
Using Behavior Based Interviewing for Finding the Best Matc…
How to Document Employee Discussions and Why it is Important
Stressed Out: How to Handle Conflict, Difficult People and …
Harassment, Bullying, Gossip, Confrontational and Disruptiv…
Best Practices for Working With Vendors and Suppliers
Understanding the Artificial Intelligence Landscape
Marketing to Medicare or Medicaid Beneficiaries - What You …
Accounting For Non Accountants : Debit, Credits And Financi…
Principles & Practices for the Cybersecurity of Legacy Medi…
Independent Contractor vs. Employee New Rule Issued by The …
Ultimate Persuasion Strategies! - Secret Influence Tools & …
Kicking your Employee Retention Efforts into Overdrive: Sta…