2021 Form 1099-MISC and 1099-NEC: Latest Forms Rules and Reporting Regulations
PRESENTER(s): Patrick A. Haggerty
For years the IRS has struggled with the independent contractor and tax collection. In assessing opportunities to close the tax gap (taxes due but not reported or paid), one of the greatest opportunities comes from expanding the information reporting on taxpayers by payors – the 1099. This time consuming reporting obligation can be streamlined in a number of ways
Join us to learn the rules requiring W-9 documentation and 1099 reporting. Learn how to establish the independent contractor relationship with the right documentation. Understand the rules and keep your company in compliance. Ensure that your records will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit. Avoid the onerous penalties for noncompliance and build the best defense against the 972-CG Notice of Proposed Penalty Letter.
Why Should You Attend:
Upon completion of this course, you will be able to:
- What are the rules regarding paying and IRS reporting on Independent Contractors? How do I avoid the IRS CP-2100 (B-Notices)?
- What if my vendor claims exemption; must I obtain a W-9 anyway?
- What are the best practices? How can I minimize risk of improper exemption claims by my vendors?
- Get the answers to these and related questions to reduce your risk of huge penalties from the IRS
- Form 1099-NEC – New for 2021, this form addresses Non-employee compensation
- Form 1099-MISC – guidelines for proper use and classification of diverse payments on this form
- Best practices for filing 1099s with the IRS – TIP: never file early!
- Form 1099-NEC for reporting of independent contractor
- IRS Draft Form 1099-MISC Review
- E-filing mandate is dropping
- Common 1099 errors - how to prevent them and how to correct them
- The government wants to remove the exemptions – what this means to you
- Starter Question: How can we best set up an independent contractor in our vendor payment system to ensure compliance with the IRS reporting rules?
- Protocols for setting up new vendors (ICs)
- When to require a Form W-9
- How to test the accuracy of the W-9 information with the IRS’s records – for free!
- Who and what you pay determines whether you must report (1099 reporting)
- Forms to use to document your independent contractor as reportable or non-reportable
- Required governmental reporting on ICs
Credits and Other information:
- Session Duration: 100 Minutes
- 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
Who Will Benefit:
- Tax Managers/Tax Professionals
- Tax Attorneys
- Tax Compliance Managers/Compliance Officers
- Bank Managers
- Information Reporting Officers
- IT Managers
- Risk Managers