New IRS Form 1099 NEC and 1099-MISC Tax Reporting: Changes in 2020

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CEU Approved | Pre Recorded

  • 90 minutes

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

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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This webinar has been approved for 1.5 HR (General) re-certification 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 re-certification credit.

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