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IRS Form 1099 Reporting Update

120 Minutes

December 22, 2022

01:00 PM EST

Live Webinar

Overview

The IRS is actively targeting enforcement measures on accounts payable operations. Penalties for non-compliance are indexed and increase each year. It is more important than ever that 1099 Forms be prepared correctly, filed and furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties.

This webinar will focus on the latest updates for Forms 1099-MISC and 1099-NEC as well as updates to forms and processes for 2022. 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. It will also discuss the various ways to prevent and mitigate penalties including the safe harbor provisions for de minimis dollar amount errors and the important “reasonable cause” defense and steps that can be taken to prevent penalties such as taxpayer identification number verification, backup withholding, handling B-notices, filing procedures and correcting errors.

Why Should You Attend

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.

IRS proposed regulations to require e-filing for most tax and information returns including 1099s, W-2s and entity income tax returns. Proposal would require all but the very smallest businesses to electronically file all tax and information returns. Make sure your business is prepared for this change.

Areas Covered

  • 2022 updates to Forms 1099-MISC and 1099-NEC
  • 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
  • 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
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All Access Pass Benefits

$999 per year

  • Access to 12 Live Webinars per year
  • Access to 12 On-Demand Webinars per year
  • All Live and On-Demand webinars include certificates, printable presentation material and handouts
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Speaker

Patrick A Haggerty's Avatar

Patrick A Haggerty

Accounting & Tax

Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting