DESCRIPTION
With recent updates to Forms 1099-MISC and 1099-NEC, the 1099 filing season has added a whole new layer of complexities. Whether you are new to the 1099 filing process or seeking an update, this course will help minimize 1099 filing mistakes while breaking down the toughest 1099 payee and reporting situations as part of an in depth box-by-box review of the recently revised Form 1099-MISC and new Form 1099-NEC.
In this webinar, Miles Hutchinson will walk through common issues related to documenting, validating, and reporting payee information on IRS Forms 1099-MISC and 1099-NEC. He will also explain best practices for addressing many of the common issues that come up on the new 1099 forms.
Prepare for your tax season with these updates on reporting forms 1099, 1099-MISC, and W9. Miles Hutchinson will guide you through the complexities of form rules in this webinar.
Topics Covered:
- Everything you need to know to prepare the Latest 1099 Forms
- Changes to Forms 1099 and what information you need to be in compliance — including a discussion of the new Form 1099-NEC and 1099-MISC
- What to do if payments include both goods and services
- Rentals of personal property vs rentals of real property
- Payments to Attorneys & Health Care Professionals
- Judgement Payments and Forms 1099
- Strategies to Remain Compliant with Proper Policies & Procedures
- What is reportable and which Form 1099 to use
- Information reporting to non-profits
- Information reporting to Corporations, LLCs & other tricky classifications
- Combined Federal/State Filing Program and E-Filing Pitfalls
Learning Objectives:
- Determine which 1099 to use and watch out for key trouble spots on the most commonly filed Forms 1099 — including a detailed look at the Forms 1099-MISC, 1099-R, 1099-INT, 1099-K, and Form 945
- Identify the Form 1099-MISC's trickiest boxes: rent, leases, prizes and awards, recognize which boxes to report attorney and settlement payments, decode what "damages" payments mean for AP purposes
- Recognize the difference between box 6 and 1099-NEC box one medical service provider payments
- Describe when the reporting does not always follow the payment, determine which boxes to report non-qualified deferred compensation
- Identify W-9 document validation best practices with a focus on situations when multiple names are provided, handling undocumented payees, exempt organization payees, and IRS TIN Match Program best practices
- Recognize and apply recent 1099 changes as well as analysis of the new Form 1099-NEC and what it means for 1099-MISC reporting
- Recognize how to identify the reportable payee when you pay sole proprietors, LLCs, payee's merged or bought by another, S-Corps, agents, or middlemen
- Identify valuable tips for E-Filing and for using the Combined Federal/State Filing Program
- Recognize how to receive backup withholding guidance designed to make your job easier, including a detailed discussion of the Form 1099-MISC Box 4 and Form 1099-NEC Box 4 versus usage of Form 945
Credits & Other Info:
Session Duration: 100 Minutes
Session Prerequisites and preparation: Advance Preparation
Session learning level: Update
Delivery method: Group Internet Based
NASBA and IRS Credits : 2 Tax Hours
IRS CE Provider #: DFFSC
NASBA Sponsor #: 138804
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Pioneer Educator is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
