Form 1099 -MISC and 1099-NEC Due Diligence

The IRS actively targets accounts payable operations, and penalties for non-compliant information returns are indexed and rise each year. This 90-minute Form 1099-MISC and 1099-NEC due diligence webinar covers how to prepare, file and furnish these forms correctly and on time.

You'll review what information returns are and how to use the Guide to Information Returns, how to identify reportable payments and payees on Forms 1099-MISC, 1099-NEC and 1096, filing and furnishing due dates, withholding requirements and e-filing requirements, including IRS proposals to lower e-filing thresholds.

The session also covers common errors and corrections, taxpayer identification number basics and Form W-9, backup withholding and B-notices, payment card rules, penalties, the de minimis safe harbor and policies that support a reasonable cause defense.

• Prepare to file Forms 1099-NEC and 1099-MISC
• Know the due dates for furnishing and filing information returns
• Identify reportable payments and payees and when a 1099 is required
• Use Form W-9 and TIN solicitation and verification to reduce penalty risk
• Avoid and correct common 1099 errors
• Apply backup withholding rules and respond to B-notices
• Determine when payment card rules affect 1099 reporting
• Use the de minimis safe harbor and reasonable cause defense to mitigate penalties

• Updates to Forms 1099-MISC and 1099-NEC
• Reporting and filing requirements, including e-filing
• Information returns and using the Guide to Information Returns
• Forms 1099-MISC, 1099-NEC and 1096: identifying reportable payments and payees
• Common 1099 errors: preventing and correcting them
• Taxpayer identification number basics: which number to use
• Form W-9 for documenting reportable and non-reportable payees
• Backup withholding requirements and B-notices
• When payment card rules apply
• Due diligence procedures that avoid or reduce penalties
• Penalties for late or incorrect Forms 1099 and the de minimis safe harbor
• Policies and procedures that establish reasonable cause

To stay compliant you need to know which form fits each transaction, when it is due, what to include, how to correct mistakes, whether backup withholding applies, and which due diligence steps protect you from penalties even when a form contains errors.

This session suits CFOs and controllers, accounts payable and accounting managers and processors, employers and business owners, purchasing professionals, public accountants, CPAs and enrolled agents.

• CFOs and controllers
• Accounts payable and accounting managers
• Accounts payable processing professionals
• Employers and Business owners
• Purchasing managers and professionals
• Public accountants, CPAs, and Enrolled Agents

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.