Any business – regardless of its structure (sole proprietor, corporation, etc) that makes "reportable transactions" during the year is requires to issue 1099 to the recipient of income and to the IRS. Form 1099-MISC compliance is a surprisingly complicated compliance requirement for businesses and accountants. The requirements are always changing, and answers are seldom clear-cut. This course will de-mystify some of the tricky areas relating to Form 1099-MISC, such as when 1099 should be issued and whether a worker is a contractor or an employee.
This webinar includes the latest update on Form 1099-NEC which is being Resurrected by IRS & it will be used to report payments made to independent contractors.
In order to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients in order to be on-time, which information to include and how to make sure it is accurate.
Learning Objectives :
- What constitutes a reportable transaction?
- What are the rules regarding paying and IRS reporting on Independent Contractors?
- How do we avoid the IRS CP-2100 (B-Notices)? What if our vendor/payee claims exemption; must we obtain a W-9 anyway?
- What are the best practices for handling our information reporting obligations?
- How can we minimize risk of improper exemption claims by our payees and vendors?
- Different due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.
- Why file a Form 1099? & Who must issue a 1099?
- To identify the rules requiring W-9 documentation and 1099 reporting for various types of forms.
- To recognize how to establish the independent contractor relationship with the right documentation.
- To recognize the rules and keep your company in compliance
- To identify that your records are correct and will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit
Who Should Attend:
This webinar is recommended for everyone professional in Accounting industry including Bank Managers, Compliance Officers, Information Reporting Officers, Tax Managers, CFOs, Controllers, Accounting Managers, Auditors, IT Managers, Compliance Managers, Risk Managers or every profesional & team member in accounting practice.