Form 1099: Latest Forms, Rules and Reporting Regulations

Information return reporting changed significantly when the IRS moved nonemployee compensation from Form 1099-MISC to Form 1099-NEC, beginning with 2020 payments. This 60-minute Form 1099 reporting webinar explains how to report correctly on both forms.

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 reporting guidelines, and how to document independent contractors as reportable or non-reportable.

The session also covers penalties for late or incorrect returns and ways to prevent or reduce them, including the de minimis safe harbor, the reasonable cause defense, TIN verification, backup withholding, B-notices, payment card rules and correcting errors.

• File Form 1099-NEC and the revised Form 1099-MISC correctly
• Know when to furnish and file information returns
• Identify reportable payments and payees and document independent contractors
• Apply the de minimis error rules and avoid common 1099 errors
• Manage backup withholding: when to start and stop, and how to deposit and report
• Follow due diligence and B-notice procedures for missing or incorrect TINs
• Determine when payment card rules affect 1099 reporting

• Form 1099-MISC changes and Form 1099-NEC for nonemployee compensation
• 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
• Due diligence procedures that avoid or reduce penalties
• Handling 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 Forms 1099
• Policies and procedures that establish reasonable cause

The IRS actively targets accounts payable operations, and indexed penalties rise each year. Practitioners need to know which form to use, when it is due, what to include, how to correct it, whether backup withholding applies, and which due diligence steps protect them even when a form has errors.

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

• CFOs and Controllers
• Accounts Payable and Accounting Managers
• Accounts Payable Processing Professionals
• Employers and Business Owners
• Purchasing Managers
• 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.