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 is an in depth look at the new 2020 Form 1099-NEC, Nonemployee Compensation and Form W-9, Request for Taxpayer Identification Number and Certification. 

Starting with 2020 reports, Form 1099-NEC is to be used instead of Form 1099-MISC to report nonemployee compensation. Other payments previously reported on Form 1099-MISC will be still be reported using Form 1099-MISC, however that form has been revised for 2020. This webinar will cover specific reporting requirements payments to nonemployees for services including reportable transactions and payees, filing requirements, withholding requirements and reporting guidelines.

Although there have not been significant changes to Form W-9 for 2020, this webinar will take a close look at the importance of the form to compliance and penalty avoidance with respect to information return compliance. 

The webinar will cover filing due dates, penalties for late filed and late furnished returns, and payees who are exempt from backup withholding and information return reporting. It will also discuss the various ways to prevent and mitigate penalties including the safe harbor provisions for de minimis dollar amount errors and the important "reasonable cause" defense. It will also cover steps that can be taken to prevent penalties such as taxpayer identification number verification, backup withholding, handling B-notices, filing procedures and correcting errors.

Why should you attend this webinar?

Beginning with 2020 forms, nonemployee compensation is no longer reported on Form 1099-MISC. Non-employee compensation for 2020 is to be reported on the newly released Form 1099-NEC instead of Form 1099-MISC. The IRS is actively targeting enforcement measures on accounts payable operations. Penalties for non-compliance are now 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.A critical link in the process of filing information returns is Form W-9. This form provides due diligence documentation and the information required to prepare and file compliant information returns and avoid penalties for filing incorrect information returns or for failure to backup withhold tax when required.

Areas Covered in the Session:

  • 2020 Form 1099-NEC line by line
  • Information Returns: What they are and using the Guide to Information Returns
  • Forms 1099-NEC and 1096: 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
  • Initial solicitation of W-9 information and due diligence procedures
  • W-9 entity classification including LLCs and disregarded entities.. 
  • W-9 exemption and FATCA reporting codes
  • When the W-9 must be "certified" (signed) by the payee 
  • Due diligence procedures to avoid or mitigate penalties 
  • How to handle missing or incorrect payee tax ID numbers
  • "B" notice procedures: When 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 1099 Forms 
  • 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: CKPAH002

Training Options:

Duration: 90 mins

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 $199 (Single Attendee)  $439 (Unlimited Attendee)

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IRS Form 1099 Reporting Update....
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Filing IRS Form 1099-NEC & W-9....
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