Description
This webinar will focus on the reporting requirements for Forms 1099-MISC and 1099-NEC, emphasizing proper preparation and detailing the latest updates for the 2023/2024 filing methods and requirements. Topics will include changes in electronic filing thresholds, the introduction of the IRIS (Information Return Intake System) portal, specific reporting requirements for various payments and payees, filing and withholding requirements, and best practices for compliance and penalty avoidance.
Join our webinar to stay informed on the latest updates for Form 1099-MISC and Form 1099-NEC. We will cover specific reporting requirements for different types of payments and payees, filing and withholding requirements, reporting guidelines, and the newest filing methods. Additionally, we will discuss filing due dates, penalties for late or inaccurate returns, best practices to prevent penalties, and how to establish reasonable cause for penalty abatement.
Why You Should Attend
The IRS is increasing its enforcement measures to reduce the tax gap, making it crucial to prepare, file, and furnish 1099 Forms correctly and on time. With penalties for noncompliance increasing annually, due diligence procedures are essential to avoid or mitigate penalties. This webinar will provide you with the knowledge to ensure compliance, including which forms to use, filing deadlines, necessary information, error correction, backup withholding requirements, and due diligence procedures.
Key Takeaways
After attending this webinar, you will:
– Be prepared to file Forms 1099-NEC and 1099-MISC.
– Understand the changes to electronic filing for 2023 forms filed in 2024.
– Know the due dates for furnishing and filing information returns.
– Identify reportable payments and payees and know when a 1099 is required.
– Be familiar with the IRIS system and how to apply for an IRIS Transmitter Control Code (TCC).
– Recognize common 1099 errors, how to avoid them, and how to correct them.
– Understand how Form W-9 can help determine when a 1099 is required.
– Be aware of backup withholding requirements and “B” notices.
– Learn best practices for TIN solicitation and verification to avoid penalties.
– Know when payment card rules apply and how they affect 1099 reporting.
Areas Covered
– Updates to Forms 1099-MISC and 1099-NEC for 2024.
– Reporting and filing requirements for 2023 returns filed in 2024.
– An overview of Information Returns and the Guide to Information Returns.
– Identification of reportable payments and payees on Forms 1099-MISC, 1099-NEC, and 1096.
– Prevention and correction of common 1099 errors.
– Basics of taxpayer identification numbers and which number to use.
– How Form W-9 helps in determining reportable and non-reportable payees.
– Due diligence procedures to avoid or mitigate penalties.
– Penalties for late or incorrect 1099 Forms.
– Procedures and policies to establish “reasonable cause” and avoid penalties.
Who Should Attend
– 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
