Best Practices for 1099 Compliance Including the New 1099-NEC and Updated 1099-MISC

$79.00

Description

In this course, we take a comprehensive walk through the best practices for complying with IRS Forms W-9, 1099-MISC and 1099-NEC reporting requirements for the calendar year 2020. This will include an in-depth look at the brand-new Form 1099-NEC and the updated Form 1099-MISC. Learn how to effectively manage your IRS reporting obligations and reduce your risk of penalties.

Major Subjects Covered

Definition of IRS information reporting
IRS classification of employee vs independent contractors
Importance of receiving W-9s that are correct and complete
Limited liability company tax classifications
Single-member LLCs and related W-9 form requirements
TIN Matching process
Backup withholding and annual solicitation requirements
Payments not reportable on a 1099 form
Reporting payments made to corporations
The new Form 1099-NEC and revised 1099-MISC
State reporting and the Combined Federal/State Reporting Program
The consent needed to send 1099 forms electronically to your vendors
The 1099 correction process
“B” notice obligations
Form 1099 due dates for the calendar year 2020

Learning Objectives

Upon completing this session, you should be able to:

Learn how the IRS classifies employees vs. independent contractors
Learn the importance of correct and complete W-9 forms
Illustrate the value of IRS TIN matching and how to implement in your company
Understand 2020 IRS backup withholding requirements, penalties, due dates and “B” notice rules
Identify payments that are reportable on the newly updated Form 1099-MISC
Discuss the brand-new Form 1099-NEC

Recommended CPE Credit

2 hours of Financial Education

Instructional Delivery Method: QAS on-demand learning, including review and final exam questions. To earn credit, participants must pass the final exam with a score of 70% or better within one year of registering for this course. Participants may attempt take the final exam up to 10 times.