2019 updates on 1099-MISC Forms: latest changes in reporting requirements and error corrections

OVERVIEW

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:

• Changes to filing deadlines and affected returns, de minimis exception for money errors, and increases in penalties for non-compliance 
• Identification of reportable payments and payees, and common 1099 errors — how to prevent them and how to correct them
• TIN verification, backup withholding, and penalties and problems 

LEARNING OBJECTIVES

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

SPEAKER

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.