IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Understanding IRS Form 1099-NEC and Form 1099-MISC (OnDemand Webinar)

$219.00

SKU: 315883EAU

Description

Course Description

Better understand the requirements for correctly reporting the information on a Form 1099.

In recent years, the IRS has stepped up its compliance efforts in the area of information reporting and withholding, including Forms 1099 and backup withholding. The Service has greatly enhanced its technological capabilities, and more companies are now receiving automated notices and penalties for non-compliance. This topic will help U.S. withholding agents better understand the requirements for correctly reporting the information on a Form 1099. It will also address common mistakes and best practices to enhance operational efficiency and avoid penalties. This course will discuss the strategies and procedures for drafting a response in situations where the IRS has already issued a penalty notice.

Learning Objectives

– You will be able to define your organization’s Form 1099 responsibilities.
– You will be able to describe the different types of Form 1099 reporting.
– 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 review Forms W-9 and determine if they are acceptable.

Presenter: Andrew McQuilkin, KPMG LLP
Credits*: AIPB, Enrolled Agents, CPE
Time of program 100 min, 1 pm ET
Date of program January 10, 2024

 

Introduction
• Why Did IRS Bring Back Form 1099-NEC?
• Overview of Key Distinctions Between Form 1099-NEC and Form 1099-MISC
• Replacement of FIRE System With New Web-Based Portal, With User Authentication
• Latest Developments in Areas of Enforcement
• Other Developments

Understanding the New Form 1099-NEC and Required Inputs
• The Instructions to the New Form 1099-NEC
• Inputting the New Form 1099-NEC Information
• Form W-9 Issues – What Is a TIN? Who Completes a W-9?
• How to Deal With Disregarded Entities?
• Avoiding Backup Withholding Issues
• Penalties and Penalty Avoidance
• Section 7434 and the Fraudulent Form 1099-NEC
• Best Practices – Reconfiguration, Training and Communication

Understanding the New Form 1099-MISC and Required Inputs
• The Instructions to the New Form 1099-MISC
• Inputting the New Form 1099-MISC Information
• Knowing the Difference Between Box 3 and Box 7
• Where Do You Report Legal Settlements and Medical Payments?
• When Are 1099-MISC Forms Due to Recipients and the IRS?
• Other 1099-MISC Considerations
• Penalties
• Best Practices – Reconfiguration, Training and Communication

AIPB ,Enrolled Agents ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

T. Scott Tufts, Esq.-CPLS, P.A.