IRS Form 1099 Reporting Update for 2021
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 discuss reporting 2020 information as
required on Forms 1099-MISC and 1099-NEC in early 2021 as well as expected
updates to the forms for reporting 2021 information. New for 2020, non-employee
compensation will be reported on Form 1099-NEC instead of Form 1099-MISC. The
webinar will cover specific reporting requirements for various types of
payments and payees, filing requirements, withholding requirements and
reporting guidelines.
The webinar will cover filing due dates, penalties for late
filed and late furnished returns. 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?
The IRS made major changes to Form 1099-MISC
for 2020. 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.
Areas Covered in the Session:
- Information Returns: 2020 update to Form 1099-MISC; New Form 1099-NEC
- Information Returns: What they are and using the Guide to Information Returns
- Forms 1099-MISC, 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
- Due diligence procedures avoid or mitigate penalties
- How to handle missing or incorrect payee tax ID numbers
- "B" notice procedures: When to issue and how to follow-up
- Using the IRS TIN verification system to avoid IRS notices
- Backup withholding requirements and procedures
- Penalties for late or incorrect 1099 Form
- 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 Owner
- Purchasing
Managers
- Public Accountants, CPAs, and Enrolled Agents
Webinar Id: CKPAH005
Upcoming Webinar of Patrick A Haggerty
Form 1099-MISC 1099-NEC Compli....
Presenter: Patrick A Haggerty
When: 03-Mar-2021 | 10:00 AM PT |01:00 PM ET
Price: $179
Presenter: Patrick A Haggerty
When: 03-Mar-2021 | 10:00 AM PT |01:00 PM ET
Price: $179
Past Webinar of Patrick A Haggerty
