Form 1099 -MISC and 1099-NEC Due Diligence

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.
The IRS recently released proposed regulations regarding the reduction of the e-filing thresholds for information returns. This session will provide the latest information available regarding the proposed regs and what to do to prepare for compliance under final regulations.

After this webinar you will:

• Be prepared for filing Form 1099 NEC and Form 1099-MISC
• Be prepared for anticipated changes to electronic filing for 2022 Forms in 2023
• Know the due dates for furnishing and filing information returns
• Identify reportable payments and payees. Know when the 1099 is required
• Be aware of common 1099 errors: Know how to avoid them and how to correct them
• Understand how Form W-9 can assist in determining when 1099 is required.
• Be aware of backup withholding requirements and “B” notices
• Be aware of best practices such as TIN solicitation and verification that can avoid or mitigate penalties for missing or incorrect vendor Tax ID numbers.
• Know when the payment card rules apply and how 1099 reporting is affected