IRS Form 1099 Reporting Update


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 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 this webinar?

The regulatory landscape for Form 1099 compliance keeps shifting as Congress attempts to balance job growth with narrowing the tax gap and the IRS attempts to address fraud and identity theft issues involving information returns including 1099 Forms. Over the past decade, a number of changes were written into the law and regulations. While some changes have been implemented and others have been repealed, all of them created compliance challenges for businesses.

To prevent fraud involving information returns and false refund claims, the filing deadlines for certain 1099 Forms has been moved up. The IRS recognized the potential for an increase in the number of errors on filed 1099 Forms and has revised the de minimis error rules. In addition, penalties for non-compliance have been increased and are now indexed for inflation.

Form 1099-MISC will be covered in detail. It presents a special set of reporting problems since it is used to report a number of types of payments with different requirements for each type of payment.

For all information returns, the issuer must obtain a correct tax identification information from recipients and, if required for a particular payee, withhold Income tax from payments to that payee. These two processes involve soliciting and obtaining Forms W-9 and W-8 from payees, not only to obtain the information, but to establish due diligence and a reasonable cause penalty exception when things go wrong.

Areas Covered in the Session:

  • Reminders & What's New
  • Overview of information returns 
  • Form 1099-MISC-Reporting details 
  • Correcting Errors
  • Taxpayer identification number basics: Which number to use 
  • Documentation of reportable and non-reportable payees
  • Tax ID Number (TIN) Solicitation & "B" Notices 
  • Due diligence procedures - avoid or mitigate penalties
  • "B" notice procedures: When to issue and follow-up
  • TIN Verification
  • Backup Withholding 
  • Penalties and problems 

Who can 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
Target Audience:
  • 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



Webinar Id: LSHCPH0023

Training Options:

Duration: 90 mins

 Stop, pause, and rewind: learn at your own place.

Ratings:
No reviews yet!!
 Recorded: [Six month unlimited access]

 $241 (Single Attendee)  $499 (Unlimited Attendee)

Refund Policy
Past Webinar of Patrick A Haggerty
IRS Form 1099 Reporting Update
Presenter: Patrick A Haggerty
View it anytime
Price: $241
Form 1099 Compliance: How to M....
Presenter: Patrick A Haggerty
View it anytime
Price: $241

More Webinar

Upcoming Webinar: Life Sciences and Healthcare
California Consumer Privacy Ac....
Presenter: Michael C. Redmond
When: 11/25/2019 | 10:00 AM PT |01:00 PM ET
Price: $179
Bootcamp: Conducting A Workpla....
Presenter: Dr. Susan Strauss RN Ed.D
When: 12/04/2019 | 10:00 AM PT |01:00 PM ET
Price: $287

More Webinar

Past Webinar: Life Sciences and Healthcare
Implementing Pay Grades and Ra....
Presenter: Bob Verchota
View it anytime
Price: $231
Sterile Filtration of Pharmace....
Presenter: Roger Cowan
View it anytime
Price: $231

More Webinar

Insert title here
Pay Pal Logo   PayPal Verified Logo   GoDaddy Certified
Copyright © 2019 Compliance Key . All Rights Reserved. Back to Top