Forms 1099-MISC And 1099-NEC: Latest Forms Rules And Reporting Regulations

For years the IRS has struggled with the independent contractor and tax collection.  In assessing opportunities to close the tax gap (taxes due but not reported or paid), one of the greatest opportunities comes from expanding the information reporting on taxpayers by payors – the 1099.  This time consuming reporting obligation can be streamlined in a number of ways 

Join us to learn the rules requiring W-9 documentation and 1099 reporting.  Learn how to establish the independent contractor relationship with the right documentation. Understand the rules and keep your company in compliance.  Ensure that your records will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit.  Avoid the onerous penalties for noncompliance and build the best defense against the 972-CG Notice of Proposed Penalty Letter.

The Conference will cover filing due dates, penalties for late filed and late furnished returns. It will also discuss the various ways to prevent and mitigate penalties including the safe harbor provisions for de minimis dollar amount errors and the important “reasonable cause” defense. It will also cover steps that can be taken to prevent penalties such as taxpayer identification number verification, backup withholding, handling B-notices, filing procedures and correcting errors.

Why Should You Attend:

Upon completion of this course, you will be able to:

• Be prepared for filing Form 1099 NEC and revisions to Form 1099-MISC
• Be prepared for anticipated changes to electronic filing for 2022 Forms in 2023
• Know the due dates for furnishing and filing information returns 
• Understand the de minimis 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 and how to issue and 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

Learning Objectives:

• Information Returns: 2022 updates to Forms 1099-MISC and 1099-NEC 
• Information Returns: What they are and using the Guide to Information Returns
• Forms 1099-MISC, 1099-NEC and 1096: Identification of reportable payments and payees
• Common 1099 errors - how to prevent them and how to correct them
• IRS Draft Form 1099-MISC Review
• E-filing mandate is dropping
• Taxpayer identification number basics: Which number to use
• Form W-9: documentation that establishes reportable and non-reportable payees
• Due diligence procedures avoid or mitigate penalties 
• How to handle missing or incorrect payee tax ID numbers
• "B" notice procedures: When to issue and how to follow-up
• Using the IRS TIN verification system to avoid IRS notices
• Backup withholding requirements and procedures
• Penalties for late or incorrect 1099 Forms
• Procedures and policies that establish "reasonable cause" and avoid penalties
• Forms to use to document your independent contractor as reportable or non-reportable
• Required governmental reporting on ICs

Who Will Benefit:

• CPA's
• CFOs
• Tax Managers/Tax Professionals
• Tax Attorneys
• Accountants
• Tax Compliance Managers/Compliance Officers
• Bank Managers
• Information Reporting Officers
• Controllers
• Auditors
• IT Managers
• Risk Managers