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Understanding IRS Form 1099-NEC And Form 1099-MISC

Webinar: ID# 1041076
Live on 11/14/2022 from 1:00pm till 2:40pm EST or via On-Demand
Qty:
About This Course:
In recent years, the IRS has stepped up its compliance efforts in the area of information reporting and withholding, including Forms 1099 and backup withholding.

The Service has greatly enhanced its technological capabilities, and more companies are now receiving automated notices and penalties for non-compliance.

This webinar will help U.S. withholding agents better understand the requirements for correctly reporting the information on a Form 1099. It will also address common mistakes and best practices to enhance operational efficiency and avoid penalties.

This course will discuss the strategies and procedures for drafting a response in situations where the IRS has already issued a penalty notice.What You'll Learn:Overview
  • Terms and Concepts
  • Compliance Obligations
What Payments Do You Report?
  • Reportable Payments and Exemptions
  • Form 1099-MISC vs. 1099-NEC
  • Payment Classification
  • Special Issues - Former Employees, Deceased Employees, and Reimbursements
Who Do You Report?
  • Collecting Forms W-9
  • Reviewing Forms W-9
  • TIN Matching
  • Special Issues - Disregarded Entities, Eyeball Test, Backup Withholding
Form 1099 Reporting
  • Filing
  • Deadlines and Extensions
  • Best Practices
Penalties
  • Applicable Penalties and Amounts
  • Responding to Penalty Notices
Order:
Understanding IRS Form 1099-NEC And Form 1099-MISC
Live on 11/14/2022 from 1:00pm till 2:40pm EST or via On-Demand
Qty:
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