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Form 1099-NEC and 1099-MISC Updates, 2021

  • By: Jason Dinesen
  • 11 March, 2021 (Thursday)
  • 12:00 PM PST | 03:00 PM EST
  • Duration: 60 Minutes
  • Training Level: Intermediate to Advanced
  • Email Reminder

Live Webinar Options

On Demand Options

$

Group Session Options

Group Session unlimited participants (max. 30 participants)


Webinar Details

OVERVIEW

This webinar will cover changes in the 1099 world for 2021. For the first time in many years, significant changes are coming to the Form 1099-MISC, in particular with how contract labor pay is reported. Businesses will no longer use the 1099-MISC to report contract labor pay, but will instead use Form 1099-NEC, a form last seen in 1982 that is being brought back into use by the IRS. This webinar will cover the scenarios where a 1099-MISC or 1099-NEC needs issued, and the scenarios where reporting is not required. We will also cover the Form 1099-K and how it interacts with the 1099-MISC and 1099-NEC. The electronic filing mandate is changing as well and is dropping, so more businesses will fall under the e-file mandate. Penalties will apply for not complying. We will cover the e-filing mandate, other penalty situations, and how to potentially get out of penalties.

WHY SHOULD YOU ATTEND?

Form 1099-MISC is changing in 2021, and a new form is being introduced. Be prepared for new compliance obligations by taking this webinar. Starting in 2021, contract labor will no longer be reported on a 1099-MISC but instead will be reported on a Form 1099-NEC. Learn about those changes and how to stay compliant by taking this webinar. We will also cover the scenarios where a 1099-MISC or 1099-NEC needs issued … and when one does NOT need issued.

LEARNING OBJECTIVES

  • Changes for 2021
  • The new Form 1099-NEC
  • What will the new 1099-MISC look like
  • What situations need reported, and on which form
  • E-filing mandate is dropping
  • Due dates and IRS penalties
  • How to get out of penalties
  • Fixing errors
  • IRS letters and how to respond
  • Independent contractor or employee? Why is it important and how do you tell the difference
  • Paying reimbursements to contractors
  • Form 1099-K and its interaction with the 1099-MISC and 1099-NEC

WHO WILL BENEFIT?

  • HR Professionals
  • Office managers
  • CFOs and controllers
  • Tax preparers
  • Accountants
  • Accounts payable and accounting managers
  • Accounts payable processing professionals
  • Employers and Business owners
  • Public accountants, CPAs and Enrolled Agents
  • Purchasing managers and professionals

SPEAKER PROFILE

Jason Dinesen

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

WHY SHOULD YOU ATTEND?

Form 1099-MISC is changing in 2021, and a new form is being introduced. Be prepared for new compliance obligations by taking this webinar. Starting in 2021, contract labor will no longer be reported on a 1099-MISC but instead will be reported on a Form 1099-NEC. Learn about those changes and how to stay compliant by taking this webinar. We will also cover the scenarios where a 1099-MISC or 1099-NEC needs issued … and when one does NOT need issued.

LEARNING OBJECTIVES

  • Changes for 2021
  • The new Form 1099-NEC
  • What will the new 1099-MISC look like
  • What situations need reported, and on which form
  • E-filing mandate is dropping
  • Due dates and IRS penalties
  • How to get out of penalties
  • Fixing errors
  • IRS letters and how to respond
  • Independent contractor or employee? Why is it important and how do you tell the difference
  • Paying reimbursements to contractors
  • Form 1099-K and its interaction with the 1099-MISC and 1099-NEC

WHO WILL BENEFIT?

  • HR Professionals
  • Office managers
  • CFOs and controllers
  • Tax preparers
  • Accountants
  • Accounts payable and accounting managers
  • Accounts payable processing professionals
  • Employers and Business owners
  • Public accountants, CPAs and Enrolled Agents
  • Purchasing managers and professionals

SPEAKER PROFILE

Jason Dinesen

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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