Form 1099 Due Diligence
EVENT DATE:
PRESENTER(s): Jason Dinesen-EA
This program has been approved NASBA & IRS CPE Credit 2(Taxes)
This Course will cover the latest updates for Form 1099-MISC, specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements, and reporting guidelines. It will cover important changes to the filing due dates and the new safe harbor requirements for de minimus dollar amount errors. It will also cover penalty provisions and exceptions to the penalties, due diligence procedures, exceptions to penalties including reasonable cause, common errors, and correction of errors.
Why You Should Attend:
The changes in reporting requirements can be confusing and the IRS has recently made changes to reporting, error correction, and filing due date requirements. Accounts payable professionals, managers, and withholding agents need to be aware of the changes in order to avoid non-compliance and penalties. For non-compliance, penalties have recently been increased. In order to stay compliant, practitioners must know which form to use to report specific transactions, when these forms must be filed or furnished to recipients in order to be on-time, what information should be included 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
Area Covered in this session:
- Reminders & What’s New
- Information Returns
- A walk-through Form 1099-MISC
- Correcting errors
- SSN, TIN, EIN
- TIN Solicitation & “B” Notices
- TIN verification
- Backup withholding
- Case Studies
- Tax Court Case Review
Learning Objectives:
- Refine W-9 Procedures
- Develop best practices for the preparation of Forms 1099
- Understand Potential penalties for payer and tips to avoid penalties
- Know when to furnish and file information returns under the new requirements
- Understand the new de minimus error rules
- Identify reportable payments and payees. Know when 1099 is required
- Be aware of common 1099 errors: Know how to avoid them and correct them
- Understand backup withholding: What it is, when to start and stop, how to deposit as well as report
- 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
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- NASBA Sponsor: 146439
- IRS Course ID: PJGWS-
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Should Attend?
- CPA, EA, attorney, and staff
- Accountants
- Tax department
- CFOs and controllers
- Accounts payable and accounting managers
- Public accountants
- Sole Proprietors
Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics, and much more.
He has presented dozens of webinars on Form 1099 (MISC & R); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credits, and other issues relating to the modern-day household setting.
Moreover, Jason is known to be producing every other webinar/course a little differently and updated from the previous one. No wonder, he is a top-ranked presenter whose webinars and self-study course materials are very well received by the audience. He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics.
