Time: 10:00 AM - 11:30 AM (PT)
Duration: 90 Minutes
Webinar Type: Live
Speaker: Patrick Haggerty
Date : Thursday, August 29, 2024
Course Description:
This webinar will cover the latest updates for Form 1099-MISC and 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, various ways to prevent and mitigate penalties including the safe harbor provisions for de minimis dollar amount errors and the important “reasonable cause” defense, steps that can be taken now to prevent penalties such as taxpayer identification number verification, backup withholding, handling B-notices, filing procedures and correcting errors.
Why Should You Attend?
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 recently released proposed regulations regarding the reduction of the e-filing thresholds for information returns. This session will provide the latest information available regarding the proposed regs and what to do to prepare for compliance under final regulations.
Learning Objective:
Be prepared for filing Form 1099 NEC and Form 1099-MISC
Be prepared for anticipated changes to electronic filing for 2023 Forms in 2024
Know the due dates for furnishing and filing information returns
Understand the de minimis error rules
Identify reportable payments and payees. Know when the 1099 is required
Be aware of common 1099 errors: Know how to avoid them and how to correct them
Understand backup withholding: What it is; When to start and when to stop; How to deposit and report
Know the due diligence procedures to avoid penalties for missing or incorrect payee tax ID numbers
Be aware of the procedures for "B" notices: When and how to issue and follow-up
Know when the payment card rules apply and how 1099 reporting is affected
Understand how to document independent contractors as reportable or non-reportable
Area Covered In The Webinar:
Information Returns: 2024 updates to Forms 1099-MISC and 1099-NEC
Information Returns: What they are and using the Guide to Information Returns
Forms 1099-MISC, 1099-NEC, and 1096: Identification of reportable payments and payees
Common 1099 errors - how to prevent them and how to correct them
Taxpayer identification number basics: Which number to use
Form W-9: documentation that establishes reportable and non-reportable payees
Due diligence procedures avoid or mitigate penalties
How to handle missing or incorrect payee tax ID numbers
"B" notices and backup withholding
Penalties for late or incorrect 1099 Forms
Procedures and policies that establish "reasonable cause" and avoid penalties
Who Will Benefit?
CFOs and controllers
Accounts payable and accounting managers
Accounts payable processing professionals
Employers and Business owners
Purchasing managers and professionals
Public accountants, CPAs, and Enrolled Agents
Instructor Profile:
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, and information return reporting.
