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Form1099 Revisions for 2021
- The new Form 1099-NEC
- Changes to Form 1099-MISC
- Who is a contractor?
- Are reimbursements reportable on the 1099?
- Form 1099-MISC scenarios:
- What is rent?
- What is “other income”?
- What are medical and healthcare payments?
- When are payments to an attorney reportable?
Overview of the webinar
This webinar will cover the new Form 1099-NEC, last seen in 1983. This is the new form for reporting contract labor. In addition to discussing the new form, we will talk about how to know if someone is a contractor or an employee, and whether or not reimbursements to contractors are reportable.
We'll also cover Form 1099-MISC changes, and also the most-common boxes on this form and when a business uses them. Examples include: rent, other income (and a discussion of “what is other income?”), medical and healthcare payments, and payments to attorneys.
Who should attend?
- Payroll Professionals
- Office Managers
- Bookkeepers
- Accountants
Why should you attend?
For the first time since the early 1980s, the IRS has changed the way businesses report contract labor payments. No longer do those payments go in box 7 of Form 1099-MISC. Instead, businesses use Form 1099-NEC. This webinar will cover the new form, changes to Form 1099-MISC, and other things to be aware of with 1099s.
Faculty - Mr.Jason Dinesen
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College. He started his practice in 2009.
Credits
HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.