IRS Form 1099 Reporting - MISC Updates for 2020


Sep 09,2020

PRESENTER(s): Miles Hutchinson

2:00 PM ET | 1:00 PM CT | 11:00 AM PT | 120 Minutes
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For years, businesses reported payments to contractors in box 7 of the 1099-MISC .  Starting in 2020, this is changing; contract-labor payments will now go on the Form  1099-NEC. We will discuss this new form as well as changes to the 1099-MISC in light  of this new form being rolled out. Other topics covered include: penalties and how to  get out of penalties; using the Form W-9 for compliance; how to tell the difference  between a contractor and an employee; how to deal with reimbursements to  contractors.

This webinar will cover changes in the 1099 world for 2020. For the first time in many years, significant changes are coming to the Form 1099-MISC, in particular with how contract labor pay is reported. Businesses will no longer use the 1099-MISC to report contract labor pay, but will instead use Form 1099-NEC, a form last seen in 1982 that is being brought back into use by the IRS.

This webinar will cover the scenarios where a 1099-MISC or 1099-NEC needs issued, and the scenarios where reporting is not required. We will also cover the Form 1099-K and how it interacts with the 1099-MISC and 1099-NEC. The electronic filing mandate is changing as well and is dropping, so more businesses will fall under the e-file mandate. Penalties will apply for not complying. We will cover the e-filing mandate, other penalty situations, and how to potentially get out of penalties.

Learning Objectives:
Upon completion of this course, you will be able to:

  • Form 1099-NEC for reporting of independent contractor
  • IRS Draft Form 1099-MISC Review
  • E-filing mandate is dropping
  • Backup withholding requirements and procedures
  • Due dates and IRS penalties and fixing errors
  • Paying reimbursements to contractors
  • Form W-9: documentation that establishes reportable and non-reportable payees
  • Common 1099 errors - how to prevent them and how to correct them
  • Form 1099-K and its interaction with the 1099-MISC and 1099-NEC

Credits and Other information:

  • Session Duration: 2 Hours
    • Case Studies and Live Q&A session with speaker
    • PowerPoint presentation for reference
  • Session learning level: Introductory
  • Delivery method: Group Internet Based
  • IRS Credits: 2 Tax Hours
  • IRS Course ID: PJGWS-T-00012-20-O

Who Will Benefit:

  • CPA's
  • Tax Attorneys
  • Accountants
  • Tax Compliance Managers
  • Other Tax Professionals

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