This webinar will cover the latest updates for Form 1099-MISC, as well as the new version of Form 1099-NEC. It 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.
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
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
Patrick Haggerty
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.
EEO-1 Reporting Deadline is December 5, 2023 – Now is the t…
Conflict Resolution in a Remote Workplace
Strategic Interviewing & Selection: Getting the Right Talen…
Bootcamp for New Managers and Supervisors: Avoid These 7 Mi…
2-Hour Virtual Seminar on How to Conduct an Internal Harass…
Workplace Investigations 101: How to Conduct your Investiga…
Cleanroom, Microbiology and Sterility Assurance Practices f…
Wage And Hour Laws: Ensuring Compliance With The Fair Labor…
Successfully Negotiating the Labor Agreement
5 Key Components of Good Manufacturing Practices to obtain …
How to Manage Conflict in the Workplace
Understanding the incredible uses and fallbacks of ChatGPT
Neutralizing Harassment - How to Promote the Proactive Pers…
Changing Behavior: Why Rewards and Punishments Often Aren't…
Using Better Managerial Decision Making - to get great resu…
Hybrid Workplace: 10 Best Practices to Manage Your Team’s P…
Human Error Reduction Techniques for Floor Supervisors
Excel - Pivot Tables - The Key To Modern Data Analysis and …
Form W-9 Compliance to Avoid Penalties: TIN Verification, B…
Using Stay Interviews To Improve Employee Retention & Engag…
Using High-Performance Coaching for Managers to Address Per…
FDA Audit Best Practices - Do's and Don'ts
FDA Technology Modernization Action Plan (TMAP) and Impact …
Become an excellent Critical Thinker to greatly improve you…
Stay Interviews: A Powerful and Low-Cost Employee Engagemen…
Learn the Do's and Don'ts of Opening Business Bank Accounts
Project Management for HR, Administrative Professionals, an…
Writing Effective 483 and Warning Letter Responses