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Form 1099 Compliance Annual Update

Duration : 90 Minutes

Patrick A. Haggerty, Tax Consultant

Pat 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 admi Read more

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 also cover important changes to the filing due dates and the new safe harbour requirements for de minimis dollar amount errors.

Course Objective:

The regulatory landscape for Form 1099 compliance keeps shifting as Congress attempts to balance jobs 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 While some changes have been implemented and others have been repealed, all of them created compliance challenges for businesses.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 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.

Course Outline:

• W-9 Procedures
• Overview of various Forms 1099
• IRS TIN Matching Program
• Developing Best Practices for Preparation of Forms 1099
• Potential Penalties for Payer and Tips to Avoid Penalties.
• Know when to furnish and file information returns under the new requirements.
• Understand the new 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.
• 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.

What You Get:

• Training Materials
• Live Q&A Session with our Expert
• Participation Certificate
• Access to Signup Community (Optional)
• Reward Points

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
•  Bank Managers
• Compliance Officers
• Information Reporting Officers
• Tax Managers
•  Auditors
• Risk Managers
• All types of entities including For Profit, Not for Profit, Government (Federal and State) - everyone who hires an independent contractor has reporting obligations

Please reach us at 1-888-844-8963 for any further assistance or if you wish to register

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