2020 - Form 1099-MISC Updates for 2020

OVERVIEW
This webinar will cover changes in the 1099 world for 2020. For the first time in many years, significant changes are coming to the Form 1099-MISC, in particular with how contract labor pay is reported. Businesses will no longer use the 1099-MISC to report contract labor pay, but will instead use Form 1099-NEC, a form last seen in 1982 that is being brought back into use by the IRS. This webinar will cover the scenarios where a 1099-MISC or 1099-NEC needs issued, and the scenarios where reporting is not required. We will also cover the Form 1099-K and how it interacts with the 1099-MISC and 1099-NEC. The electronic filing mandate is changing as well and is dropping, so more businesses will fall under the e-file mandate. Penalties will apply for not complying. We will cover the e-filing mandate, other penalty situations, and how to potentially get out of penalties.
LEARNING OBJECTIVES
Changes for 2020
The new Form 1099-NEC
What will the new 1099-MISC look like
What situations need reported, and on which form
E-filing mandate is dropping
Due dates and IRS penalties
How to get out of penalties
Fixing errors
IRS letters and how to respond
Independent contractor or employee? Why is it important and how do you tell the difference
Paying reimbursements to contractors
Form 1099-K and its interaction with the 1099-MISC and 1099-NEC
WHY SHOULD YOU ATTEND
Form 1099-MISC is changing in 2020, and a new form is being introduced. Be prepared for new compliance obligations by taking this webinar. Starting in 2020, contract labor will no longer be reported on a 1099-MISC but instead will be reported on a Form 1099-NEC. Learn about those changes and how to stay compliant by taking this webinar. We will also cover the scenarios where a 1099-MISC or 1099-NEC needs issued … and when one does NOT need issued.
WHO WILL BENEFIT?
HR Professionals
Office managers
CFOs and controllers
Tax preparers
Accountants
Accounts payable and accounting managers
Accounts payable processing professionals
Employers and Business owners
Public accountants, CPAs and Enrolled Agents
Purchasing managers and professionals
SPEAKER
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on accounting and bookkeeping services, tax preparation and business advising to individuals with a business focus ranging from home-based businesses to multistate corporations and not-for-profits. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars.
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