This 120-minute webinar covers Forms 1099-MISC and 1099-NEC in detail: reporting requirements for different types of payments and payees, filing and withholding requirements, and reporting guidelines.
You'll review filing due dates and penalties for returns that are filed or furnished late, and ways to prevent or reduce penalties, including the safe harbor for de minimis dollar errors and the reasonable cause defense.
The session also covers practical penalty prevention: verifying taxpayer identification numbers, applying backup withholding, responding to B-notices, following sound filing procedures and fixing errors. It explains how to use Form W-9 to document payees and the IRS Guide to Information Returns.
WHY SHOULD YOU ATTEND?
The IRS is targeting accounts payable operations, and penalties for noncompliance are indexed and rise each year. You need to know which form to use, when it's due, what to include, how to correct errors, when backup withholding applies and which due diligence steps protect you even when a form is wrong.
The session suits CFOs, controllers, AP and accounting staff, employers and business owners, purchasing professionals, public accountants, CPAs and enrolled agents.
AREA COVERED
- Updates to Forms 1099-MISC and 1099-NEC
- What information returns are and how to use the Guide to Information Returns
- Forms 1099-MISC, 1099-NEC and 1096: identifying reportable payments and payees
- Common 1099 errors and how to prevent and correct them
- Taxpayer identification number basics: which number to use
- Form W-9 as documentation for reportable and non-reportable payees
- Due diligence procedures that avoid or reduce penalties
- Handling missing or incorrect payee TINs
- B-notices and backup withholding
- Penalties for late or incorrect 1099s
- Procedures and policies that establish reasonable cause
- E-filing thresholds for information returns
LEARNING OBJECTIVES
- Identify reportable payments and payees for Forms 1099-MISC and 1099-NEC
- Meet filing and furnishing deadlines and e-filing requirements
- Verify TINs with Form W-9 and handle B-notices and backup withholding
- Prevent and correct common 1099 errors
- Use due diligence, de minimis safe harbors and reasonable cause to avoid or reduce 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
The IRS is targeting accounts payable operations, and penalties for noncompliance are indexed and rise each year. You need to know which form to use, when it's due, what to include, how to correct errors, when backup withholding applies and which due diligence steps protect you even when a form is wrong.
The session suits CFOs, controllers, AP and accounting staff, employers and business owners, purchasing professionals, public accountants, CPAs and enrolled agents.
- Updates to Forms 1099-MISC and 1099-NEC
- What information returns are and how to use the Guide to Information Returns
- Forms 1099-MISC, 1099-NEC and 1096: identifying reportable payments and payees
- Common 1099 errors and how to prevent and correct them
- Taxpayer identification number basics: which number to use
- Form W-9 as documentation for reportable and non-reportable payees
- Due diligence procedures that avoid or reduce penalties
- Handling missing or incorrect payee TINs
- B-notices and backup withholding
- Penalties for late or incorrect 1099s
- Procedures and policies that establish reasonable cause
- E-filing thresholds for information returns
- Identify reportable payments and payees for Forms 1099-MISC and 1099-NEC
- Meet filing and furnishing deadlines and e-filing requirements
- Verify TINs with Form W-9 and handle B-notices and backup withholding
- Prevent and correct common 1099 errors
- Use due diligence, de minimis safe harbors and reasonable cause to avoid or reduce penalties
- 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