Filing IRS Form 1099-NEC & W-9 Update - Complying with IRS Information Reporting


Patrick Haggerty is Keynote Speaker at ComplianceKey. 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. 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 a........

Overview

This webinar will cover new Form 1099-NEC for 2020 and how it changes Form 1099-MISC for 2020. Form 1099-NEC is required to report nonemployee compensation paid during 2020, replacing box 7 of Form 1099-MISC. The webinar will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines.

The webinar will discuss the importance of Form W-9 in providing the information required for filing correct information returns and the role it plays in the prevention and mitigation of penalties for late filed and late furnished returns. The various exceptions to penalties will be covered, including the safe harbor provisions for de minimis dollar amount errors and the important "reasonable cause" defense. Taxpayer identification number (TIN) verification, backup withholding, B-notices, filing procedures and error correction be covered. 

Why should you attend this webinar?

The IRS made major changes to Form 1099-MISC for 2020. Non-employee compensation for 2020 is to be reported on the newly released Form 1099-NEC instead of Form 1099-MISC. The electronic filing requirement is scheduled to change from 250 or more forms to 100 or more forms for returns filed in 21 with a further reduction to 10 or more forms in 2022. Preparation for this change is critical to staying in compliance. 

The IRS is actively targeting enforcement measures on accounts payable operations. Penalties for non-compliance are indexed and increase each year. It is more important than ever that 1099 Forms be prepared correctly, filed and furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties.

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.

Areas Covered in the Session:

  • Information Returns: New 2020 Form 1099-NEC and revised 2020 Form 1099-MISC
  • Information Returns: Using the Guide to Information Returns
  • 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 and how to issue and follow-up
  • Using the IRS TIN verification system to avoid IRS notices
  • Backup withholding requirements and procedures
  • Penalties for late or incorrect information returns 
  • 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



Webinar Id: CKPAH003

Training Options:

Duration: 90 mins

  26-Oct-2020

 10:00 A.M PT | 01:00 P.M ET

 Single Attendee: [Only for one participant]

$179 (Live)                    $286 (Live + Recorded)

 Multiple Attendee: [For a group of 2-5 participants]

$453 (Live)                    $811 (Live + Recorded)

 Corporate Attendee: [For a group of 6-10 Participants]

$896 (Live)                    $1324 (Live + Recorded)

 Recorded: [Six month unlimited access]

$193 (Single Attendee) $449 (Unlimited Attendee)

Refund Policy
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