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IRS Form 1099 Reporting Requirements & Withholding - IRS Forms 1099-NEC and 1099-MISC Updates

Overview

As more and more small businesses are using independent contractors, the need to file 1099s is increasing. The IRS brought back Form 1099-NEC for 2021. This webinar will help participants know when they should file a 1099-NEC and when they should file a 1099-MISC and use of various other 1099s. Not knowing the difference can cost business owners and tax professionals in IRS penalties. 

Attend this webinar to stay in tax compliance and avoid these IRS penalties by filing your 1099s correct and timely. The deadline for the filing of various 1099s is January 31st, learn how to be compliant before the deadline approaches.

Learn best practices for managing 1099 Form compliances.

 

Areas Covered in this Training:

-Learn Independent Contractor vs Employee classification
-Learn when to issue a 1099
-Learn the criteria for issuing a 1099-NEC
-Learn the criteria for issuing a 1099-MISC
-Reporting requirements and back-up withholding
-Recognize when to collect a W-9 vs a W-8
-Learn how to properly fill out a 1099-NEC and 1099-MISC
-Learn what the penalties are for not filing 1099s in a timely manner
-Latest updates on 1099 for 2023
-Penalties for Failure to Comply
-Electronic vs. Paperless Filing
-Best Practices – Form 1099 Compliances

 

Why Attend this Training:

After the end of this event, participants will have an understanding of who should be issued a 1099-NEC and who should be issued a 1099-MISC. you will get a complete idea of use of Various Other Types of 1099 Forms.  Participants will also know the appropriate way to fill out these forms and how to make sure they have the contractors’ proper information prior to tax time. This event will help those preparing 1099s this season to confidently get these forms filed timely, helping their clients stay in compliance.

 

Bonus Content:
There will be visuals of 1099-NECs and 1099-MISCs to illustrate how these forms should look like when they are properly filled out.

 

Suggested Attendees-

-Tax professionals
-Payroll Professionals
-Business Owners
-Managers
-CFOs
-Enrolled Agents
-Controllers
-Bookkeepers & Accountants

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