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 cover filing due dates including the accelerated due dates for 1099-MISC Forms with an entry in box 7, and the safe harbor requirements for de minimis dollar amount errors. It will cover penalty provisions due diligence procedures, and exceptions to penalties including reasonable cause, common errors, and correction of errors.
WHY SHOULD YOU ATTEND?
The changes in reporting requirements can be confusing and the IRS has recently made changes to reporting, error correction, and filing due date requirements. Accounts payable professionals, managers, and withholding agents need to be aware of the changes in order to avoid non-compliance and penalties. Penalties for non-compliance have recently been increased.
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.
AREA COVERED
- Reminders & What’s New
- Changes to filing deadlines and affected returns
- De minimis exception for money errors
- Increases in penalties for non-compliance
- Information Returns
- Overview of information returns
- Resources for compliance
- A walk through Form 1099-MISC
- Identification of reportable payments and payees
- Correcting Errors
- Common 1099 errors – how to prevent them and how to correct them
- SSN, TIN, EIN
- Taxpayer identification number basics: Which number to use
- Documentation that established reportable and non-reportable payees
- TIN Solicitation & “B” Notices
- Due diligence procedures avoid or mitigate penalties for missing or incorrect payee tax ID numbers
- “B” notice procedures: When to issue and how to follow-up
- TIN Verification
- Using the IRS TIN verification system
- Backup Withholding
- What it is
- When to start and when to stop
- How to deposit and report
- Penalties and problems
- Procedures and policies that establish "reasonable cause" and avoid penalties
LEARNING OBJECTIVES
- Know when to furnish and file information returns under the new requirements
- Understand the 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
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
The changes in reporting requirements can be confusing and the IRS has recently made changes to reporting, error correction, and filing due date requirements. Accounts payable professionals, managers, and withholding agents need to be aware of the changes in order to avoid non-compliance and penalties. Penalties for non-compliance have recently been increased.
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.
- Reminders & What’s New
- Changes to filing deadlines and affected returns
- De minimis exception for money errors
- Increases in penalties for non-compliance
- Information Returns
- Overview of information returns
- Resources for compliance
- A walk through Form 1099-MISC
- Identification of reportable payments and payees
- Correcting Errors
- Common 1099 errors – how to prevent them and how to correct them
- SSN, TIN, EIN
- Taxpayer identification number basics: Which number to use
- Documentation that established reportable and non-reportable payees
- TIN Solicitation & “B” Notices
- Due diligence procedures avoid or mitigate penalties for missing or incorrect payee tax ID numbers
- “B” notice procedures: When to issue and how to follow-up
- TIN Verification
- Using the IRS TIN verification system
- Backup Withholding
- What it is
- When to start and when to stop
- How to deposit and report
- Penalties and problems
- Procedures and policies that establish "reasonable cause" and avoid penalties
- Know when to furnish and file information returns under the new requirements
- Understand the 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
- 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
Speaker Profile

Patrick 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 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 and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.
Upcoming Webinars

Bad Standard Operating Procedures (SOPs) - Bad Training: Ga…

The Top Ten Excel Functions Everyone Should Know

Essential Metrics to Measure Accounts Receivable Health

I-9 Audits: Strengthening Your Immigration Compliance Strat…

HR Metrics & Analytics 2022: Update on Strategic Planning, …


Three Key Risk Assessments in Your ERM Program - ERM IT and…

Financial Projections for Determining Long-Term Cash Flow R…

Recent UPDATES to the Rules Stop Payments vs Unauthorized E…

Data Modelling and Analysis with Excel Power Pivot

Emotional Intelligence for Effective Working Relationships

How to Write Contracts for Procurement Professionals

Impact Assessments For Supplier Change Notices


FDA Regulation of Artificial Intelligence/ Machine Learning



Stay Interviews: A Powerful Engagement and Retention Tool

Harassment, Bullying, Gossip, Confrontational and Disruptiv…





Project Management for Non-Project Managers

EBIT/EBITDA - Understanding Your Profit and Loss Statement

FORM I-9 2022: ICE Announces New Extension Date and Require…

Establishing a Robust Supplier Management Program

With Mandatory Paid Leave Gaining Ground, Is It Time To Do …



Implementing an Effective Human Error Reduction Program

How to prepare an effective audit manual for an internal au…

Form 1099 Update 2022: Latest Forms, Rules and Reporting Re…

CMO Supplier Quality Agreements: How to Comply with new FDA…


21 CFR Part 11 - Compliance for Electronic Records and Sign…

Managing Toxic & Other Employees Who have Attitude Issues

The Importance of Packaging and Labeling in Pharmaceutical …
