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 Over the past decade changes were written into the law and regulations, some have been implemented, some were repealed, but all creating compliance challenges for businesses. To prevent fraud involving information returns and false refund claims, the filing deadlines for 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 minimus error rules.

While the changes apply to most information returns, Form 1099-MISC presents a special set of reporting problems and deserves special discussion. 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 a reasonable cause penalty exception when things go wrong.

Course Objectives:

• 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.
• Know the due diligence procedures to avoid penalties for missing or incorrect payee tax ID numbers
• 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

Course Outline:

• Reminders & What’s New
• Information Returns
• A walk through Form 1099-MISC
• Correcting Errors
• SSN, TIN, EIN
• TIN Solicitation & “B” Notices
• TIN Verification
• Backup Withholding
• Penalties and problems

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
• AICPA, CGMA, IOMA, TAPN