Overview
This webinar provides a comprehensive overview of the reporting requirements for Forms 1099-MISC and 1099-NEC, with a strong focus on proper form preparation, reporting details, and compliance best practices. It covers updates applicable to 2025 forms filed in 2026, including electronic filing requirements and available filing methods such as the IRIS (Information Returns Intake System) portal, the FIRE (Filing Information Returns Electronically) system, third-party filing options, and paper filing.
The session will also address specific reporting requirements for different types of payments and payees, withholding obligations, reporting guidelines, and best practices to ensure compliance and minimize the risk of penalties. In addition, the webinar will review the latest updates affecting Forms 1099-MISC and 1099-NEC, including OBBBA changes to reporting thresholds.
Key filing deadlines, penalties for late-filed or late-furnished returns, and strategies for penalty prevention and mitigation will be discussed, including how to establish reasonable cause for penalty abatement.
Learning Objectives
After attending this webinar, you will be able to:
- Prepare Forms 1099-MISC and 1099-NEC accurately and confidently
- Understand electronic filing changes for 2025 forms filed in 2026
- Identify filing and furnishing due dates for information returns
- Determine which payments and payees are reportable and when a 1099 is required
- Understand the IRIS system and how to apply for an IRIS Transmitter Control Code (TCC)
- Recognize common 1099 errors and learn how to avoid and correct them
- Use Form W-9 effectively to determine reporting requirements
- Understand backup withholding rules and “B” notice requirements
- Apply best practices such as TIN solicitation and verification to reduce penalty exposure
- Know when payment card rules apply and how they impact 1099 reporting
Why Should You Attend
The IRS continues to expand its enforcement efforts by increasing staffing and investing in technology to reduce the tax gap, with a strong focus on information reporting compliance. Penalties for non-compliance are indexed for inflation and continue to increase each year, making accurate and timely 1099 reporting more critical than ever.
To remain compliant, practitioners must understand which forms apply to specific transactions, when and how returns must be filed and furnished, what information is required, how to correct errors, and how to apply due diligence procedures that can protect filers from penalties—even when errors occur.
Recent regulatory changes have significantly lowered the electronic filing threshold from 250 to 10 information returns and introduced updates to filing methods. This webinar provides the most current guidance on these regulatory and technology changes and practical steps you can take to prepare for filing 2025 returns and beyond.
Areas Covered
· 2025 updates to Forms 1099-MISC and 1099-NEC
· Reporting and filing requirements for 2025 returns filed in 2026
· Overview of information returns and the Guide to Information Returns
· Identifying reportable payments and payees (Forms 1099-MISC, 1099-NEC, and 1096)
· Common 1099 errors and how to prevent or correct them
· Taxpayer Identification Number (TIN) basics and proper usage
· Form W-9 and documentation of reportable vs. non-reportable payees
· Due diligence procedures to avoid or mitigate penalties
· Penalties for late or incorrect 1099 filings
· Policies and procedures that establish reasonable cause for penalty relief
