DESCRIPTION
This webinar will cover the 2020 changes to Form 1099-MISC and the new Form 1099-NEC that is required to report nonemployee compensation paid during 2020. 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 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.
Learning Objectives:
- Information Returns: 2020 update to Form 1099-MISC; Release of 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
- 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 Should Attend?
- 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
Session Prerequisites and preparation: None
Recommended CPE credit – 2.0
Recommended field of study – Tax
Session learning level: Basic to intermediate
Delivery method: Group Internet Based
