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The changes in reporting requirements for Form 1099-MISC can be confusing and the IRS has recently made changes to reporting, error correction, and filing due date requirements. Our upcoming webinar discusses the latest updates including the specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines.
The webinar covers the following key areas:
Know when to furnish and file information returns under the new requirements
Understand the de minimus error rules
Identify reportable payments and payees. Know when a 1099 is required
Be aware of common 1099 errors: Know how to avoid them and how to correct them
Understand backup withholding: What it is; When to start and when to stop; How to deposit and report.
Know the due diligence procedures to avoid penalties for missing or incorrect payee tax ID numbers
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
WHO WILL BENEFIT
CFOs and controllers
Accounts payable and accounting managers
Accounts payable processing professionals
Employers and Business owners
Purchasing managers and professionals
Public accountants, CPAs and Enrolled Agents
Patrick A. Haggerty is a tax practitioner, author, and educator. His 21+ years of professional experience includes non-profit organization management, banking, manufacturing accounting, and tax practice.