Reporting for Form 1099, Form 1099-MISC & W9 (2024 Edition)

  EVENT DATE

January 23, 2024

  PRESENTER(s)

Miles Hutchinson

  12:00 PM ET | 11:00 AM CT | 09:00 AM PT | 120 Minutes


* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-‪814-892-0304


DESCRIPTION



As the tax season approaches, learning how to file 1099-NEC might seem like a daunting task for business owners and employers who have paid non-employee compensation during the tax year 2023, but with the right guidance, it can be a straightforward process. This Form 1099-NEC ensures compliance with tax regulations and helps the IRS track income that may not be subject to traditional withholding. In this guide, we’ll walk you through the process of filing Form 1099-NEC, covering key steps and important considerations to ensure accurate and timely filing.

This webinar 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.

Why Should You Attend:

  • Be prepared for filing Form 1099 NEC and revisions to Form 1099-MISC
  • When Is 1099 Back-Up Backup Withholding Required?
  • Know the due dates for furnishing and filing information returns 
  • Form 1099 and Worker Classification Issues
  • State and Local Reporting: 1099 and SALT Issues
  • Identify reportable payments and payees. Know when a 1099 is required
  • Be aware of common 1099 errors: Know how to avoid them and how to correct them
  • Understand backup withholding: What it is; When to start and when to stop; How to deposit and report. 
  • Know the due diligence procedures to avoid penalties for missing or incorrect payee tax ID numbers
  • Understand the procedures for "B" notices: When and how to issue and follow-up
  • Know when the payment card rules apply and how 1099 reporting is affected
  • Understand how to document independent contractor as reportable or non-reportable

Learning Objectives:

  • How to File 1099-NEC in 2024 
  • What is Non-Employee Compensation?
  • What Information Is Required to File Form 1099-NEC?
  • Common 1099 errors - how to prevent them and how to correct them
  • How to File 1099-NEC Form?
  • E-filing mandate is dropping
  • 1099-NEC Deadlines – 2023/2024
  • Form W-9: documentation that establishes reportable and non-reportable payees
  • Due diligence procedures avoid or mitigate penalties 
  • How to handle missing or incorrect payee tax ID numbers
  • "B" notice procedures: When to issue and how to follow-up
  • Using the IRS TIN verification system to avoid IRS notices
  • Backup withholding requirements and procedures
  • Penalties for late or incorrect 1099 Forms
  • Procedures and policies that establish "reasonable cause" and avoid penalties
  • Forms to use to document your independent contractor as reportable or non-reportable
  • Required governmental reporting on ICs

Credits and Other information:

  • Session Duration: 120 Minutes
  • Case Studies and Live Q&A session with speaker
  • PowerPoint presentation for reference
  • Session learning level: Update
  • Delivery method: Group Internet Based
  • IRS Credits: 2 Tax Hours
  • IRS Course ID: DFFSC

Who Will Benefit:

  • CPA's
  • CFOs
  • Tax Managers/Tax Professionals
  • Tax Attorneys
  • Accountants
  • Tax Compliance Managers/Compliance Officers
  • Bank Managers
  • Information Reporting Officers
  • Controllers
  • Auditors
  • IT Managers
  • Risk Managers 



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.




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