Form 1099 & W-9 Update 2023: Latest Forms, Rules and Reporting Regulations

  EVENT DATE

August 10, 2023

  PRESENTER(s)

Miles Hutchinson

  02:00 PM ET | 01:00 PM CT | 11:00 AM PT | 90 Minutes


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


DESCRIPTION



This webinar will cover the reporting requirements for Forms 1099-MISC and 1099-NEC. It will also cover changes to the Forms for 2023 and expected changes to the filing requirements including new e-filing requirements that will affect most filers. It will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines, and best practices for compliance assurance and penalty avoidance.

This webinar will cover the latest updates for Form 1099-MISC and Form 1099-NEC. It will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements, and reporting guidelines.

 The webinar will cover filing due dates, penalties for late-filed and late-furnished returns, various ways to prevent and mitigate penalties including the safe harbor provisions for de minimis dollar amount errors and the important “reasonable cause” defense, steps that can be taken now to prevent penalties such as taxpayer identification number verification, backup withholding, handling B-notices, filing procedures and correcting errors.

What are the rules regarding paying and IRS reporting on Independent Contractors? How do I avoid the IRS CP-2100 (B-Notices)? What if my vendor claims exemption; must I obtain a W-9 anyway? What are the best practices? How can I minimize risk of improper exemption claims by my vendors? Get the answers to these and related questions to reduce your risk of huge penalties from the IRS.

Learn the rules requiring W-9 documentation and 1099 reporting. Learn how to establish the independent contractor relationship with the right documentation. Understand the rules and keep your company in compliance.

Ensure that your records will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit. Avoid the onerous penalties for noncompliance and build the best defense against the 972-CG Notice of Proposed Penalty Letter.

Session Highlights:

  • Information Returns: 2023 updates to Forms 1099-MISC and 1099-NEC
  • Reporting and filing requirements for 2022 returns filed in 2023
  • Information Returns: What they are and using the Guide to Information Returns
  • Forms 1099-MISC, 1099-NEC, and 1096: Identification of reportable payments and payees
  • Common 1099 errors - how to prevent them and how to correct them
  • Taxpayer identification number basics: Which number to use
  • Form W-9: documentation that establishes reportable and non-reportable payees
  • Due diligence procedures avoid or mitigate penalties
  • Penalties for late or incorrect 1099 Forms
  • Procedures and policies that establish "reasonable cause" and avoid penalties

Learning Objectives:

  • Starter Question: How can we best set up an independent contractor in our vendor payment system to ensure compliance with the IRS reporting rules?
  • Protocols for setting up new vendors (ICs)
  • When to require a Form W-9
  • How to test the accuracy of the W-9 information with the IRS’s records – for free!
  • Who and what you pay determines whether you must report (1099 reporting)
  • Forms to use to document your independent contractor as reportable or non-reportable
  • Required governmental reporting on ICs
  • Form 1099-NEC – New for 2020, this form addresses Non-employee compensation
  • Form 1099-MISC – guidelines for proper use and classification of diverse payments on this form
  • Best practices for filing 1099s with the IRS – TIP: never file early!
  • The government wants to remove the exemptions – what this means to you

Who Should Attend?

  • Bank Managers
  • Compliance Officers
  • Information Reporting Officers
  • Tax Managers
  • CFOs
  • Controllers
  • Accounting Managers
  • Auditors
  • IT Managers
  • Compliance Managers
  • Risk Managers 

Credits and Other information:

Recommended CPE credit – 2.0 Tax Hours

Recommended field of study – Tax

Session Prerequisites and preparation: None

Session learning level: Basic to Intermediate

Location: Virtual/Online

Delivery method: Group Internet Based

NASBA Sponsor: 138804

IRS Course ID: DFFSC

Attendance Requirement:  Yes

Session Duration: 2 Hours

Case Studies and Live Q&A session with speaker

PowerPoint presentation for reference


Download Conference Material

Download Here (Password Needed)






CERTIFICATION PARTNERS

HRCI
HRCI
HRCI