2019 - Form 1099 Update 2019: Latest Forms, Rules and Reporting Regulations

OVERVIEW
This webinar will cover the latest updates for Form 1099, focusing on Form 1099-MISC and filing and furnishing 2018 forms. The session will also cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements, and reporting guidelines. It will also cover important filing due dates, the safe harbor requirements for de minimis dollar amount errors, and the due diligence steps that establish the reasonable cause exception to propose penalties.
The regulatory landscape for Form 1099 compliance keeps shifting as the Congress attempts to balance the jobs growth with narrowing the tax gap and the IRS attempts to address fraud and identity theft issues involving information returns including 1099 Forms. Over the past decade, numerous changes have been fostered in the policies and regulations. While some changes have been implemented and others have been repeated, all of them created compliance challenges for businesses.
LEARNING OBJECTIVES
Reminders & what's new
Changes to filing deadlines and affected returns
De minimis exception for money errors
Increases in penalties for non-compliance
Information returns
Overview of information returns
Resources for compliance
A walk through Form 1099-MISC
Identification of reportable payments and payees
Correcting Errors
Common 1099 errors - how to prevent them and correct them?
SSN, TIN, and EIN
Taxpayer identification number basics: Which number to use?
Documentation that established reportable and non-reportable payees
WHY SHOULD YOU ATTEND
To prevent fraud involving information returns and false refund claims, the filing deadlines for certain 1099 Forms has been moved up. The IRS recognized the potential for an increase in the number of errors on filed 1099 Forms and has revised the de minimis error rules. Also, penalties for non-compliance have been increased and are now indexed for inflation.
Form 1099-MISC will be covered in detail. It presents a special set of reporting problems since it is used to report different types of payments with different requirements for each type of payment. For all information returns, the issuer must obtain correct tax identification information from recipients and, if required for a particular payee, withhold income tax from payments to that payee. These two processes involve soliciting and obtaining Forms W-9 and W-8 from payees, not only to obtain the information but to establish due diligence and a reasonable cause penalty exception when things go wrong.
AREAS COVERED
TIN solicitation and "B" Notices
Due diligence procedures avoid or mitigate penalties for missing or incorrect payee tax ID numbers
"B" notice procedures: When to issue and how to follow-up
TIN verification
Using the IRS TIN verification system
Backup withholding
What it is?
When to start and when to stop?
How to deposit and report?
Penalties and problems
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
SPEAKER
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.
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