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 filing due dates including the accelerated due dates for 1099-MISC Forms with an entry in box 7, and the safe harbor requirements for de minimis dollar amount errors. It will cover penalty provisions due diligence procedures, and 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
- Changes to filing deadlines and affected returns
- De minimis exception for money errors
- Increases in penalties for non-compliance
- Information Returns
- Overview of information returns
- Resources for compliance
- A walk through Form 1099-MISC
- Identification of reportable payments and payees
- Correcting Errors
- Common 1099 errors – how to prevent them and how to correct them
- SSN, TIN, EIN
- Taxpayer identification number basics: Which number to use
- Documentation that established reportable and non-reportable payees
- TIN Solicitation & “B” Notices
- Due diligence procedures avoid or mitigate penalties for missing or incorrect payee tax ID numbers
- “B” notice procedures: When to issue and how to follow-up
- TIN Verification
- Using the IRS TIN verification system
- Backup Withholding
- What it is
- When to start and when to stop
- How to deposit and report
- Penalties and problems
- Procedures and policies that establish "reasonable cause" and avoid penalties
LEARNING OBJECTIVES
- Know when to furnish and file information returns under the new requirements
- Understand the 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.
- Know the due diligence procedures to avoid penalties for missing or incorrect payee tax ID numbers
- 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?
- 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 Agents
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
- Changes to filing deadlines and affected returns
- De minimis exception for money errors
- Increases in penalties for non-compliance
- Information Returns
- Overview of information returns
- Resources for compliance
- A walk through Form 1099-MISC
- Identification of reportable payments and payees
- Correcting Errors
- Common 1099 errors – how to prevent them and how to correct them
- SSN, TIN, EIN
- Taxpayer identification number basics: Which number to use
- Documentation that established reportable and non-reportable payees
- TIN Solicitation & “B” Notices
- Due diligence procedures avoid or mitigate penalties for missing or incorrect payee tax ID numbers
- “B” notice procedures: When to issue and how to follow-up
- TIN Verification
- Using the IRS TIN verification system
- Backup Withholding
- What it is
- When to start and when to stop
- How to deposit and report
- Penalties and problems
- Procedures and policies that establish "reasonable cause" and avoid penalties
- Know when to furnish and file information returns under the new requirements
- Understand the 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.
- Know the due diligence procedures to avoid penalties for missing or incorrect payee tax ID numbers
- 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
- 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 Agents
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
Managing Toxic & Other Employees Who Have Attitude Issues
Effective Onboarding: How to Welcome, Engage, and Retain Ne…
Analytical Method Validation Under Good Laboratory Practic…
Do's and Don'ts of Documenting Employee Behaviour, Performa…
Sunshine Act Reporting - Clarification for Clinical Research
Onboarding New Hires: Leverage the Potential of Artificial …
Do's and Don'ts of Giving Effective Feedback for Performanc…
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
Project Management for HR, Administrative Professionals, an…
Stressed Out: How to Handle Conflict, Difficult People and …
Harassment, Bullying, Gossip, Confrontational and Disruptiv…
Marketing to Medicare or Medicaid Beneficiaries - What You …
Understanding the Artificial Intelligence Landscape
Best Practices for Working With Vendors and Suppliers
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 …
The Top Ten Excel Functions Everyone Should Know
Ultimate Persuasion Strategies! - Secret Influence Tools & …
Clinical Trial Systems: The Trial Master File (TMF) and Ele…
Dealing With Difficult People In Life & Work
Improving Employee Engagement & Retention Through Stay Inte…
Fair Lending in Q2 2024: new regulations, examinations, and…
FDA Regulation of Artificial Intelligence/ Machine Learning
Form 1099 Update 2024: Latest Forms, Rules and Reporting Re…
Coming Soon - New Minimum Salary Levels for Exempt Employee…
Beyond ‘Illegal’ Interview Questions: What Recruiters & Hir…
Bootcamp for New Managers and Supervisors: Avoid These 7 Mi…
Writing Techniques for Auditors and Risk Management Profess…
Coaching & Retaining Your Talent – Putting the WOW into Qua…
Outlook - Master your Mailbox - Inbox Hero Inbox Zero
Emotional Intelligence: Mastering the Emotions of Great Lea…
Building Fair Chance Hiring Policies in 2024
Effectively Handle Toxic People for Better Productivity and…
Third-Party Relationships: Risk Management: What All Bankin…
HR 101 - Bootcamp Basics for New Human Resource Professiona…
How to Manage and Resolve Conflict in the Workplace
Impact Assessments For Supplier Change Notices
Performance Management with Bottom-Line Results
How to Give Corrective Feedback: The CARE Model - Eliminati…
Human Error Reduction Techniques for Floor Supervisors
Credit Risk Discipline Tools - Implementing 14 Tools for Cr…
FDA Compliance And Laboratory Computer System Validation