2019 - Form 1099 - MSIC Compliance and MISC Due Diligence

Overview of information returns – Resources for compliance
Filing deadlines and affected returns
De minimis exception for money errors
Increases in penalties for non-compliance
Form 1099-MISC - Reportable payments and payees
Common 1099 errors – how to prevent them and how to correct them
Taxpayer identification number basics: Which number to use
Documentation that establishes reportable and non-reportable payees
TIN Solicitation & “B” Notices – when to issue and how to follow-up
Due diligence procedures avoid or mitigate penalties for missing or incorrect payee tax ID numbers
TIN Verification and using the IRS TIN verification system
Backup Withholding - What it is, When to start and when to stop, How to deposit and report
Procedures and policies that establish "reasonable cause" and avoid penalties