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IRS Form 1099 Reporting: Compliance Requirements
- Basic overview of the 1099-MISC
- What payments are reportable
- Who receives a 1099-MISC
- The new Form 1099-NEC
- Due dates
- Penalties and the 4 ways out of penalties
- IRS notices and the "B Notice" to contractors
- Form W-9
- Verifying contractor SSNs
- Backup withholding
- Employee vs. contractor - how do you tell the difference.
- Paying reimbursements to contractors - is it contract labor pay or not
- Form 1099-K and its interaction with Form 1099-MISC
Overview of the webinar
This course will cover all the basics of Form 1099-MISC compliance, including what the form is, what payments are reportable, who receives a 1099, penalties for late filing, and how to get out of penalties. We will also cover a new form coming for 2020 -the Form 1099-NEC, which will dramatically change how contract labor payments are reported.
Who should attend?
- Business owners
- Office managers
- Payroll managers
- Payroll professionals
- Bookkeepers, accountants
- CPAs, enrolled agents
Why should you attend?
The IRS is increasing its enforcement of 1099 compliance, and penalties continue to rise. A new form, called Form 1099-NEC, is coming for 2020 and businesses need to know how to respond. This course will cover all of that and more, so you are prepared to deal with any 1099 situation that comes your way.
Faculty - Mr.Jason Dinesen
Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses.
Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more.
He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credits, corporation and partnership taxation and other issues relating to the modern-day setting.
Jason always had a knack for speaking and news reporting. He is regularly featured as an anchor for Radio Iowa and Radio Minnesota, is a frequent Podcast Guest and hosts his own Podcast.
Credits
HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.