Description
Course Description
Gain a better understanding of Form 1099 reporting, 1099-NEC and 1099-MISC, common errors, best practices, and responding to IRS penalties.
Nearly every business in the U.S. has some level of Form 1099 reporting obligations, as it is required for payments to U.S. individuals or entities who are not considered employees. However, many businesses are not aware of these requirements and as a result, have received fines and penalties from the IRS. The Service has greatly enhanced its technological capabilities and more companies are now receiving automated notices and penalties for non-compliance. This topic will provide a high-level overview to help U.S. businesses better understand the basic requirements for correctly reporting the information on a Form 1099, with a focus on Forms 1099-NEC (payments for services) and 1099-MISC (payments for rents, royalties, and prizes and awards). It will also address common mistakes and best practices to enhance operational efficiency and avoid penalties. In situations where the IRS has already issued a penalty notice, the material will also discuss the strategies and procedures for drafting a response.
Learning Objectives
– You will be able to describe the different types of Form 1099 reporting.
– You will be able to discuss the benefits of using the IRS’ TIN matching program.
– You will be able to explain the penalties that may be assessed if Form 1099 reporting is not performed correctly.
– You will be able to identify entities who are exempt from Form 1099 reporting.
Presenter: Andrew McQuilkin, KPMG LLP
Credits*: AIPB, Enrolled Agents, CPE
Time of program 100 min, 1 pm ET
Date of program December 3, 2024
