Description

Course Description

IRS focus on Form 1099 compliance has intensified, enhance your processes and minimize penalty risks.

Over the past 2 years, the IRS has had a renewed focus on Form 1099 compliance, and we have seen a number of large audits on this area. We have seen many organizations under these audits realize that the processes they put in place were not sufficient for this often-overlooked area of compliance.

This session is intended for organizations and individuals who already have put in place a Form 1099 process but want to take another look to ensure that they are not at risk for penalties. We will discuss the common pain points and provide practical advice on how to better improve your operational process. The session will also cover the best approaches when you realize that there are potential gaps in your process or have received penalty notices from the IRS.

Learning Objectives

– You will be able to describe the types of payments which are reportable on a Form 1099.
– You will be able to discuss the areas of potential exposure under an IRS audit.
– You will be able to explain complex Form 1099 reporting areas such as legal settlements and reimbursements.
– You will be able to identify payments and entities who are exempt from Form 1099 reporting.

Presenter: Andrew McQuilkin, KPMG LLP
Credits*: AIPB, Enrolled Agents, CPE
Time of program 60 min, 1 pm ET
Date of program January 9, 2025