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This webinar will discuss reporting 2020 information as required on Forms 1099-MISC and 1099-NEC in early 2021 as well as expected updates to the forms for reporting 2021 information. New for 2020, non-employee compensation will be reported on Form 1099-NEC instead of Form 1099-MISC. The webinar 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. It will also cover steps that can be taken to prevent penalties such as taxpayer identification number verification, backup withholding, handling B-notices, filing procedures and correcting errors.
The IRS made major changes to Form 1099-MISC for 2020. Non-employee compensation for 2020 is to be reported on the newly released Form 1099-NEC instead of Form 1099-MISC. The electronic filing requirement is expected to change from 250 or more forms to 100 or more forms for returns filed in 2022. Preparation for this change is critical to staying in compliance.
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.
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.
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