Form 1099-MISC and 1099-NEC Compliance Update 2023
Learn who must file Forms 1099-NEC and 1099-MISC, how reporting thresholds work, how 1099-K and payment apps fit in, and how W-9s and backup withholding help you avoid penalties.
Speaker
Jason Dinesen
Tax and accounting firm president · Dinesen Tax & Accounting, P.C. · President, Dinesen Tax & Accounting
Overview
IRS penalties for missing or incorrect 1099s keep rising, and the IRS is paying closer attention to related compliance such as backup withholding. This Form 1099-NEC and 1099-MISC compliance webinar explains how to get your information returns right.
You'll learn when to use Form 1099-NEC for independent contractors and Form 1099-MISC for payments such as rent, who files these forms and how to determine the reporting threshold. The session also covers whether you need to send 1099s to corporations.
Payments made through apps such as PayPal and Venmo add complications, so you'll see how Form 1099-K fits in, along with collecting Form W-9 and applying backup withholding.
Why attend: 1099 errors are easy to make and can lead to IRS penalties. This session gives you a clearer understanding of the forms, the thresholds and the payment app rules so you can stay compliant. It suits accountants, bookkeepers, office managers, HR and compliance professionals, tax preparers and payroll professionals who handle vendor and contractor payments.
What’s covered
- What a 1099 is and who files it
- Form 1099-NEC for independent contractors and Form 1099-MISC for payments such as rent
- Determining the reporting threshold
- Sending 1099s to corporations
- How Form 1099-K, Venmo, PayPal and other payment apps complicate matters
- Form W-9 and backup withholding
Who should attend
What you get
About the speaker
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on accounting and bookkeeping services, tax preparation and business advising to individuals with a business focus ranging from home-based businesses to multistate corporations and not-for-profits. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College
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