1099s report payments made to non-employee service providers, as well as payments to suppliers and other entities you do business with. Think of your own organization, can you name all the types of service providers you use? Do you know which payments are reportable on 1099s, and the minimum amounts you must pay before they are reportable? There is a new 1099-NEC for the tax year 2020 that replaces the box 7 payments of the 1099-MISC. The threshold for a 1099-NEC is now – only $600 – that requires you to report these payments to the IRS, so they can match them against the other party’s tax return. The deadline to get these to payees, and to the IRS, is now MUCH sooner than it used to be. Also, things like backup withholding and other requirements can make this more complex than it needs to be.
There are 16 different types of 1099s the IRS requires you to report certain payments on. Do you know when to use them, and what payments go where on each form? Do you know what kinds of workers can be considered independent contractors? If you mistakenly classify employees as I/Cs, and the mistakes are caught in an audit, the back tax liability can be devastating. You cannot afford to only grasp the basics… learn the ins and outs of 1099 filing requirements in this must-attend session.
In this webinar we discuss
An Overview of new W-9 and W-8 forms
Latest Form 1099-NEC, 1099-MISC, and any changes to other 1099 form reporting requirements with specifics
How to know when and what to report
Step-by-step review of Form 1099 reporting mechanics
Online reporting trends, and how to report online Due dates and where to go for more information
Why You Should Attend:
After attending this webinar, you will be able to:
How to develop an efficient Form 1099 reporting process
Best practice to minimize penalties using proper policies and procedures that work under new rules
How to determine if a worker is an independent contractor or an employee
Form 1099 relationship to B-Notices (CP2100) and TIN Penalty Assessments (972CG) And much more…
Who Should Attend:
Advanced Preparation: None
Program Level: Intermediate
Field of Study: Tax and Reporting
You may ask your Question directly to our expert during the Q&A session.
** You can buy On-Demand and view it at your convenience.
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that means to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits.
Mr. Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Mark has represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.
Mark prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs and feels that educating clients toward faster, accurate and more complete payroll processes provide the most value.
Mark is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. Mark is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.
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PLEASE NOTE: To receive credit through the NASBA for this program you MUST attend the Live program in its entirety and complete the required progress checks.
Number of CPE Credits Awarded for This Course: 1.0 ( Tax and Reporting - 1.0)
Delivery Method: Group Internet Based
This webinar has been approved for 1 HR (General) recertification credit hours toward California, GPHR, HRBP, HRMP, PHR, and SPHR recertification through the HR Certification Institute. The use of this seal is not an endorsement by the HR Certification Institute of the quality of the activity. It means that this activity has met the HR Certification Institute’s criteria to be pre-approved for recertification credit.
Edupliance is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1 PDC for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.