IRS Form 1099 Reporting: Compliance Requirements

Duration 60 Mins
Level Basic & Intermediate & Advanced
Webinar ID IQW21G0724

  • Basic overview of the 1099-MISC
  • What payments are reportable
  • Who receives a 1099-MISC
  • The new Form 1099-NEC
  • Due dates
  • Penalties and the 4 ways out of penalties
  • IRS notices and the "B Notice" to contractors
  • Form W-9
  • Verifying contractor SSNs
  • Backup withholding
  • Employee vs. contractor - how do you tell the difference.
  • Paying reimbursements to contractors - is it contract labor pay or not
  • Form 1099-K and its interaction with Form 1099-MISC

Overview of the webinar

This course will cover all the basics of Form 1099-MISC compliance, including what the form is, what payments are reportable, who receives a 1099, penalties for late filing, and how to get out of penalties. We will also cover a new form coming for 2020 -the Form 1099-NEC, which will dramatically change how contract labor payments are reported.

Who should attend?

 

  • Business owners
  • Office managers
  • Payroll managers
  • Payroll professionals
  • Bookkeepers, accountants
  • CPAs, enrolled agents

Why should you attend?

The IRS is increasing its enforcement of 1099 compliance, and penalties continue to rise. A new form, called Form 1099-NEC, is coming for 2020 and businesses need to know how to respond. This course will cover all of that and more, so you are prepared to deal with any 1099 situation that comes your way.

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.

07-08-2021-IRS Form 1099 Reporting.pdf
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