Form 1099-MISC Compliance: How to Minimize Errors in 2020
Learn to identify reportable payments on Forms 1099-MISC and 1099-NEC, verify TINs, manage B-notices and backup withholding, correct errors and avoid IRS penalties.
Speaker
Patrick Haggerty
Tax practitioner and educator · Enrolled Agent
Overview
The IRS is focusing enforcement on accounts payable, and 1099 penalties are indexed to rise each year. This 90-minute Form 1099-MISC compliance webinar covers the rules for Form 1099-MISC and Form 1099-NEC so your forms are accurate and on time.
You'll learn reporting requirements for different payments and payees, filing and withholding rules, due dates, and penalties for late filed or late furnished returns. The session explains how to prevent and reduce penalties through the de minimis safe harbor and the reasonable cause defense.
It also covers TIN verification, Form W-9, backup withholding, B-notice procedures, filing procedures and correcting errors.
Why attend: To stay compliant, you need to know which form to use, when to file and furnish it, what information to include, how to correct mistakes, when backup withholding applies and which due diligence steps protect you even when a form is wrong. The session suits CFOs, controllers, AP and accounting managers and processors, employers and business owners, purchasing managers, public accountants, CPAs and enrolled agents.
What’s covered
- Updates to Form 1099-MISC and the return of Form 1099-NEC
- What information returns are and using the Guide to Information Returns
- Forms 1099-MISC, 1099-NEC and 1096: identifying reportable payments and payees
- Common 1099 errors and how to prevent and correct them
- Taxpayer identification number basics
- Form W-9 documentation for reportable and non-reportable payees
- Due diligence procedures that avoid or reduce penalties
- Handling missing or incorrect payee TINs
- B-notice procedures: when to issue and how to follow up
- Using the IRS TIN verification system
- Backup withholding requirements and procedures
- Penalties for late or incorrect 1099s
- Policies that establish reasonable cause
Who should attend
What you get
About the speaker
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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