Keeping up with the changes in tax regulation from year to year can be challenging only if you are not aware of it.
Reviving the 1099-NEC form in 2020, As per the Protecting Americans from Tax Hikes Act (PATH Act), use Form 1099-NEC to report nonemployee compensation
IRS Form 1099 Reporting: Including Independent Contractor and Litigation Issues.
Merchant Reporting and Form 1099-K.
Reportable payments: examples of what’s reportable; reporting threshold
Changes to 1099-B broker reporting.
For years the IRS has struggled with the independent contractor and tax collection. In assessing opportunities to close the tax gap (taxes due but not reported or paid), one of the greatest opportunities comes from expanding the information reporting on taxpayers by payers – 1099. This time-consuming reporting obligation can be streamlined in a number of ways. Join us to learn more…
Session Highlights:
Starter Question: How can we best set up an independent contractor in our vendor payment system to ensure compliance with the IRS reporting rules?
Protocols for setting up new payees and vendors (ICs)When to require a Form W-9 v. Form W-4 v. Forms W-8
How to test the accuracy of the W-9 information with the IRS’s records – for free
Who and what you pay determines whether you must report (1099 reporting)When and how to handle backup withholding
When signatures are required on Form W-9
Update on the latest changes to the forms, deadlines, and penalties
When you must electronically file your information returns
How to set up electronic reporting to your payees
Form 1099-Misc – detailed guidelines for proper use and classification of diverse payments on this form
How Merchant Card reporting on Form 1099-K affects your reporting on credit card payments
How FATCA affects information reporting for U.S. persons
Best practices for filing 1099s with the IRS – TIP: never file early
The government wants to remove the exemptions – what this means to you
Why You Should Attend:
Identify the IRS reporting requirements for the first year of filing the new Form 1099-NEC tax information return.
Replacement of box 7 from 1099- MISC to 1099-NEC
Learn the rules requiring W-9 documentation and 1099 reporting for various types of Forms 1099 including interest, dividends, PATR, real estate transactions, and the famous Form 1099-Misc.
Understand the rules and keep your company in compliance. Ensure that your records will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit.
Avoid the onerous penalties for noncompliance and build the best defence against the 972-CG Notice of Proposed Penalty Letter.
Who Should Attend:
Bank Managers
Compliance Officers
Information Reporting Officers
Tax Managers
CFOs
Controllers
Accounting Managers
Auditors
IT Managers
Compliance Managers
Risk Managers
All types of entities including For Profit, Not for Profit, Government (Federal and State) – everyone who hires an independent contractor has reporting obligations AICPA, CGMA, IOMA, TAPN.
*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.
Miles Hutchinson
Mr. Hutchinson is
an accomplished businessman, business consultant and course leader
specializing in finance, accounting and taxation. He excels at sharing
these complex topics in a crystal clear manner. He is also proficient in
sales & use taxation, payroll taxation, public speaking, problem
solving, negotiating, time management, computer applications, technical
documentation and facilitation.
As
a Chartered Global Management Accountant, Miles has amassed a
multi-disciplined approach to client consulting over the past 40 years.
With increasing responsibilities in jobs ranging from independent
financial auditor with PriceWaterhouseCoopers to Chief Financial Officer
of a one billion-dollar real estate development company, Miles brings a
seasoned, diverse and creative viewpoint to your situation and draws on
that experience to bring you the best solution. He has facilitated
customized public and onsite business consulting/training sessions and
presented over 2500 presentations on a myriad of business topics. He has
designed, developed, implemented and monitored complete business
systems conversion and documentation projects. Miles will help you
debunk the chaos and organize your thoughts and quickly gain clarity
with your most difficult challenges.
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