The IRS is actively targeting enforcement measures on accounts payable operations. Penalties for non-compliance are indexed and increase each year. It is more important than ever that 1099 Forms be prepared, filed correctly, furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties.
This webinar will focus on the latest updates for Forms 1099-MISCand 1099-NEC as well as updates to forms and processes for 2021. 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. It will also discuss the various ways to prevent and mitigate penalties including the safe harbor provisions for de minimis dollar amount errors and the important “reasonable cause” defense and steps that can be taken to prevent penalties such as taxpayer identification number verification, backup withholding, handling B-notices, filing procedures and correcting errors.
Session Highlights:
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2021 updates to Forms 1099-MISC and 1099-NEC
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Using the Guide to Information Returns
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Forms 1099-MISC, 1099-NEC and 1096: Identification of reportable payments and payees
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Common 1099 errors - how to prevent them and how to correct them
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Taxpayer identification number basics: Which number to use
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Form W-9: documentation that establishes reportable and non-reportable payees
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Due diligence procedures avoid or mitigate penalties
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How to handle missing or incorrect payee tax ID numbers
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"B" notice procedures: When to issue and how to follow-up
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Using the IRS TIN verification system to avoid IRS notices
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Backup withholding requirements and procedures
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Penalties for late or incorrect 1099 Forms
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Procedures and policies that establish "reasonable cause" and avoid penalties
Why you should attend:
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.
Who Should Attend?
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CFOs and controllers
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Accounts payable and accounting managers
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Accounts payable processing professionals
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Employers and Business owners
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Auditors and risk managers
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Purchasing managers and professionals
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Public accountants, CPAs and Enrolled Agents
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Accounting professionals who are involved in the processing of Form 1099-MISC
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Other professionals involved in the solicitation of vendor tax ID numbers and prevention of penalties for non-compliance with tax withholding and reporting regulations
*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.
Patrick Haggerty
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, information returns, and accounting.
Edupliance is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.
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.