Form W-9 and the filing of Forms 1099-MISC and 1099-NEC: Minimize Errors And Avoid Paying a Penalty

In this Virtual Conference 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 1099-MISC form has been used in the past to report certain payments, including nonemployee compensation (NEC), to the IRS. Beginning with tax year 2020, the 1099-MISC has been redesigned due to the creation of Form 1099-NEC. Employers will no longer report nonemployee compensation, such as payments to independent contractors, on Form 1099-MISC.

This session 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.

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.

• 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

Credits and Other information:

• Session Duration: 2 Hours
• Case Studies and Live Q&A session with speaker
  
• PowerPoint presentation for reference
• Session learning level: Introductory
  
• Delivery method: Group Internet Based
• IRS Credits: 2 Tax Hours
• IRS Course ID: PJGWS-T-00017-20-O

Who Will Benefit:

• CPA's
  
• Tax Attorneys
• Accountants
• Tax Compliance Managers
• Other Tax Professionals