2020 - Form 1099: Latest Forms, Rules and Reporting Regulations

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.
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. It will also cover steps that can be taken to prevent penalties such as taxpayer identification number verification, backup withholding, handling B-notices, filing procedures, and correcting errors.
LEARNING OBJECTIVES
Know when to furnish and file information returns under the new requirements
Be aware of the changes in 2020 1099-MISC and the new Form 1099-NEC
Understand the new de minimis error rules
Identify reportable payments and payees. Know when 1099 is required
Be aware of common 1099 errors: Know how to avoid them and how to correct them
Understand backup withholding: What it is, when to start and stop, and how to deposit and report.
Know the due diligence procedures to avoid penalties for missing or incorrect payee tax ID numbers
Understand the procedures for "B" notices: When to issue and how to follow-up
Know when the payment card rules apply and how 1099 reporting is affected
Understand how to document independent contractor as reportable or non-reportable
Know the procedures and policies that establish "reasonable cause" and avoid penalties
AREA COVERED
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
WHY SHOULD YOU ATTEND
The IRS is actively targeting enforcement measures on accounts payable operations. Penalties for non-compliance are now indexed and increase each year. It is more important than ever that 1099 Forms be prepared correctly, filed, and furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties. 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 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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