2020 - Form 1099: Latest Forms Rules and Reporting Regulations

Topic :Form 1099: Latest Forms Rules and Reporting Regulations
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Overview:
This webinar will cover the latest updates for Form 1099-MISC, as well as the new version of Form 1099-NEC. It will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines.
Areas Covered in the Session :
Information Returns: 2020 update to Form 1099-MISC; Resurrection of Form 1099-NEC
Information Returns: What they are and using the Guide to Information Returns
Forms 1099-MISC, 1099-NEC and 1096: Identification of reportable payments and payees
Common 1099 errors - how to prevent them and how to correct them
Taxpayer identification number basics: Which number to use
Form W-9: documentation that establishes reportable and non-reportable payees
Due diligence procedures avoid or mitigate penalties
How to handle missing or incorrect payee tax ID numbers
"B" notice procedures: When to issue and how to follow-up
Using the IRS TIN verification system to avoid IRS notices
Backup withholding requirements and procedures
Penalties for late or incorrect 1099 Forms
Procedures and policies that establish "reasonable cause" and avoid penalties
Speaker:
MPatrick Haggerty is Keynote Speaker at Ijona Skills. He 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.
Contact Info :
Ijonaskills
https://www.ijonaskills.us
Email : support-AT-ijonaskills.us
Phone : +1 302-830-3132