This webinar will cover the latest updates for Form 1099-MISC and 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, various ways to prevent and mitigate penalties including the safe harbor provisions for de minimis dollar amount errors and the important “reasonable cause” defense, and steps that can be taken now 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.
In order 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, and 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.
The IRS recently released proposed regulations regarding the reduction of the e-filing thresholds for information returns. This session will provide the latest information available regarding the proposed regs and what to do to prepare for compliance with final regulations.
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.
In order 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, and 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.
The IRS recently released proposed regulations regarding the reduction of the e-filing thresholds for information returns. This session will provide the latest information available regarding the proposed regs and what to do to prepare for compliance with final regulations.
Patrick Haggerty
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. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.
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