Form 1099- Reporting Requirements

Regardless of its structure (sole proprietor, corporation, etc.) that makes “reportable transactions” during the year, any business is required to issue a 1099 to the recipient of income and the IRS. Form 1099-MISC compliance is a surprisingly complicated compliance requirement for businesses and accountants. The requirements are always changing, and answers are seldom clear-cut. This course will de-mystify some of the tricky areas relating to Form 1099-MISC, such as when the 1099 should be issued and whether a worker is a contractor or an employee.

You may also be required to file Form 1099-MISC for different types of reportable miscellaneous compensations. Although the 1099-MISC no longer reports the non-employee compensation since the beginning of 2020. Therefore, the non-employee compensation has to be reported using the Form 1099-NEC.

There are over 20 types of 1099s. This webinar will cover a wide range of topics to help you and your clients stay in compliance with 1099 issues.

If there’s a mismatch in TIN (Taxpayer Identification Numbers), IRS issues CP-2100 notices. In this training, we will cover the steps to reply to such notices correctly. We will also discuss the filing issues including deadlines, the e-filing mandate and IRS penalties for late filing. We will also learn the classification of contractors vs. employees. This training will also provide a complete guide on how to effectively use Form W-9 documentation for proper compliance.

Topics Covered:

• What exactly is a 1099, and who files them?
• When to issue a 1099
• Learn to effectively use the W-9
• CP-2100 letters
• Backup withholding
• Form changes for 2022 & 2023
• E-file mandate – changing or not?
• Form 1099 in 2023: Latest updates on Forms 1099-MISC and 1099-NEC
• Information guide, identification of reportable payments and payees
• Form 1099-K, Venmo, PayPal and other payment apps complicate matters
• Form W-9 and backup withholding
• How to handle missing or incorrect payee tax ID numbers
• TIN verification system: which number to use to avoid IRS notices?
• Mitigation of errors and ensuring accuracy with on-time filing
• Dealing with and replying to CP-2100 notices
• What are the “B” notice procedures? When they are issued and how to follow-up
• IRS letters and how to respond
• Backup withholding, transaction reporting and due diligence

Why You Should Attend:

As the IRS is now actively monitoring the compliance operations and the penalties involved & to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients to be on time, which information to include, and how to make sure it is accurate.

Join us to get a detailed explanation on diligence procedures to avoid or mitigate penalties that the incorrect filing of Form 1099, Form 1099-MISC and Form 1099-NEC may result in. You will learn about the policies and procedures involved. We will also go through a guideline to use Form W-9 effectively. You will learn about the IRS penalties and ways out of those penalties in case of incorrect filings. By the end of this session, you will know how to respond to the IRS notices.

Who will benefit:

• Enrolled Agents
• CPA
• Information Reporting Officers
• Tax Managers
• Tax Professionals
• Accountants
• Bookkeepers
• Office managers
• Human resources professionals
• Compliance professionals