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IRS Form 1099 Reporting: Compliance Requirements

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Jason Dinesen

Speaker: Jason Dinesen

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Date
16 July, 2024 (Tuesday)
Time
10:00 AM PDT | 01:00 PM EDT
Duration
60 Minutes Minutes

Overview

This webinar will cover when Forms 1099-NEC and 1099-MISC need to be issued. We will cover who issues 1099s and to whom, and for what transactions. Then we’ll talk about a different form - the 1099-K - and how some types of transactions go on a Form 1099-K, which relieves you of needing to issue a 1099 yourself. We will also cover various scenarios businesses may find themselves in, and how such transactions are reported. And since this webinar is also focused on compliance, we will cover how to tell the difference between a contractor and an employee, which is a growing area of IRS audits - and states are becoming more aggressive with this as well. As part of this discussion, we will look at Form W-9 and how to use it for compliance. We will also cover reimbursements to contractors are those reimbursements reportable on a 1099 or not?

Area Covered

  • What is a 1099 and who issues one?
  • Who receives the 1099?
  • What transactions are reportable?
  • Form 1099-K and its interaction with 1099-NEC and 1099-MISC
  • Form W-9
  • Backup withholding
  • Employee or contractor: how to tell the difference
  • Reimbursements to contractors: reportable or not?

Why Should You Attend

IRS enforcement of 1099 reporting requirements is increasing, and penalties apply for failure to issue 1099 when you should have. This webinar will answer your questions about situations where 1099 reporting is required - specifically Forms 1099-NEC and 1099-MISC.

Who Will Benefit?

  • Payroll Professionals
  • Office Managers
  • Bookkeepers
  • Accountants

Speaker

Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on accounting and bookkeeping services, tax preparation and business advising to individuals with a business focus ranging from home-based businesses to multistate corporations and not-for-profits. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College

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