Edukaters Webinar
IRS Form 1099-MISC and 1099-NEC Compliance: How to Minimize Errors in 2020 Live

Nov 04, 2020 1:00PM EST

Duration : 90 min

0 days ago




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This webinar will cover the 2020 changes to Form 1099-MISC and the new Form 1099-NEC that is required to report nonemployee compensation paid during 2020. 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, various ways to prevent and mitigate penalties and steps to take to prevent penalties including taxpayer identification number verification, backup withholding, handling B-notices, filing procedures and correcting errors.


Due to changes in the law, it is anticipated that electronic filing will be required issuers of 100 or more forms for 2020 Forms filed in 2021 and 10 or more forms for 2021 Forms filed in 2022. 


Furthermore, regulations are pending that will eliminate the “no aggregation rule” that currently applies the e-filing threshold separately to each type of information return. 



Session Highlights:


·  Information Returns 2020 update to Form 1099-MISC; Resurrection of Form 1099-NEC

·  Information Returns: What they are and 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


Why you should attend:


The IRS is actively targeting enforcement measures on accounts payable operations. Penalties for non-compliance are now 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.


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.


Who should attend:


·  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


This webinar has been approved for 1.5 HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®,SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®).


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