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Due Diligence steps for Form 1099

instructor
By: Patrick Haggerty
Recorded Session
Duration
90 Minutes
Training Level
Intermediate to Advanced

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Recorded Session

Training CD

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Webinar Details

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 important changes to the filing due dates and the new safe harbor requirements for de minimis dollar amount errors. It will also cover penalty provisions and exceptions to the penalties, due diligence procedures, 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
  • Information Returns
  • A walk through Form 1099-MISC
  • Correcting Errors
  • SSN, TIN, EIN
  • TIN Solicitation & “B” Notices
  • TIN Verification
  • Backup Withholding
  • Penalties and problems

LEARNING OBJECTIVES

  • 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.

WHO WILL BENEFIT?

  • Specifically CPA, EA, Attorney and staff
  • CPA, EA, Attorney & staff
  • Accounts Payable
  • Tax Departments
  • Human Resources
  • Construction Managers. 
  • 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 Agent

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
  • Information Returns
  • A walk through Form 1099-MISC
  • Correcting Errors
  • SSN, TIN, EIN
  • TIN Solicitation & “B” Notices
  • TIN Verification
  • Backup Withholding
  • Penalties and problems
  • 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.
  • Specifically CPA, EA, Attorney and staff
  • CPA, EA, Attorney & staff
  • Accounts Payable
  • Tax Departments
  • Human Resources
  • Construction Managers. 
  • 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 Agent

SPEAKER PROFILE

instructor

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.

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