Overview
This webinar will cover the reporting requirements for Forms 1099-MISC and 1099-NEC with a focus on the details and proper preparation of the forms. It will cover updates to the Forms for 2026, including OBBBA reporting, and electronic filing requirements and methods including the IRIS (Information Return Intake System) portal, the IRIS A2A (Application to Application) system, filing through a third party, and filing paper returns. The webinar will also cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements, reporting guidelines, and best practices for compliance assurance and penalty avoidance.
The webinar will touch on filing due dates, penalties for late filed and late furnished returns, best practices for prevention and mitigation of penalties and penalty exceptions. including how to establish reasonable cause for penalty abatement.
Why Should You Attend
The IRS is beefing up technology and staff to enhance enforcement to reduce the tax gap including actively targeting enforcement measures on information reporting compliance. Penalties for non-compliance are now indexed and increase each year. It is more important than ever to prepare 1099 Forms correctly, file and furnish them on time, and perform due diligence procedures to avoid or mitigate penalties.
In order to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients in order to be on-time, which information to include and how to make sure it is accurate, how and when to make corrections, how to avoid or mitigate errors, whether a particular payee is subject to backup withholding or transaction reporting, and the due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.
The IRS regulations require e-filing information returns when the filer is required to file 10 or more forms of all types and is retiring the FIRE (Filing Information Returns Electronically) system for returns filed after 2026. This session will provide the latest information available regarding regulatory and technology changes and what you can do to prepare for compliance in filing returns for 2026 and beyond.
Areas Covered
· 2026 Updates to Forms 1099-MISC and 1099-NEC — Key changes and what you need to know when preparing 2026 information returns filed in 2027.
· Reporting and Filing Requirements — Due dates for furnishing and filing Forms 1099, electronic filing requirements, and important changes affecting 2026 forms.
· Understanding Information Returns — What information returns are, how to use the IRS Guide to Information Returns, and when a Form 1099 is required.
· Identifying Reportable Payments and Payees — How to determine which payments and payees are reportable, including when Forms 1099-MISC, 1099-NEC and 1096 apply.
· Form W-9 and Taxpayer Identification Numbers — Using Form W-9 to determine whether a payee is reportable, selecting the correct TIN, and maintaining proper documentation.
· Understanding the IRS Information Returns Intake System (IRIS), electronic filing requirements, and how to apply for an IRIS Transmitter Control Code (TCC).
· Backup Withholding and “B” Notices — Understanding when backup withholding applies, responding to “B” notices, and addressing incorrect or missing TINs.
· TIN Solicitation and Verification — Best practices for obtaining and verifying vendor TINs and reducing the risk of penalties related to missing or incorrect information.
· Payment Card Reporting Rules — Understanding when payment card rules apply and how they affect 1099 reporting responsibilities.
· Common 1099 Reporting Errors — Identifying common mistakes, learning how to prevent them, and understanding the proper procedures for correcting Forms 1099.
· Practical procedures and policies for establishing reasonable cause, avoiding or mitigating penalties, and maintaining adequate documentation.
· 1099 Penalties and Corrective Actions — Penalties for late, missing or incorrect Forms 1099 and steps to take when reporting requirements are not met.
