Form1099 Revisions for 2020
Learn to report contract labor on Form 1099-NEC, decide who files and what is reportable, meet filing deadlines, fix errors and handle Form 1099-K overlaps.
Speaker
Jason Dinesen
Tax and accounting firm president · Dinesen Tax & Accounting, P.C. · President, Dinesen Tax & Accounting
Overview
Form 1099-NEC changed how contract labor is reported: nonemployee compensation now goes on Form 1099-NEC instead of Form 1099-MISC. This 60-minute webinar explains that change and the 1099 basics around it.
You'll learn who must file 1099s of any type, which transactions are reportable, who receives them, and how to handle medical and legal payments and reimbursements to contractors. The session covers how and when to file, penalties for late filing and how to fix errors. It also explains how to tell a contractor from an employee and why it matters, and how Form 1099-K interacts with other 1099s so that payments reported on a 1099-K are not reported again elsewhere.
Why attend: Using the wrong form, missing a deadline or misclassifying a worker can lead to penalties. This session walks through the rules and common problem areas so you can report correctly, stay compliant and avoid penalties. It suits business owners, bookkeepers, office managers and accountants who prepare or oversee 1099 filings.
What’s covered
- Form 1099-NEC
- Who must file 1099s of any type
- Which transactions are reportable
- Who receives 1099s
- Medical payments and legal payments in more depth
- Filing issues: how and when to file, and penalties for late filing
- Fixing errors
- Contractor vs employee: how to tell the difference and why it matters
- Reimbursements to contractors
- Form 1099-K and how it interacts with other 1099s
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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