Description
LIVE ONLINE TRAINING COURSE
This webinar will cover the latest updates for Form 1099-MISC, specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements, and reporting guidelines. It will cover important changes to the filing due dates and the new safe harbor requirements for de minimus dollar amount errors. It will also cover penalty provisions and exceptions to the penalties, due diligence procedures, exceptions to penalties including reasonable cause, common errors, and correction of errors.
Session Highlights:
- Refine W-9 Procedures
- Develop best practices for the preparation of Forms 1099
- Understand Potential penalties for payer and tips to avoid penalties
- Know when to furnish and file information returns under the new requirements
- Understand the new de minimus error rules
- Identify re-portable payments and payees. Know when 1099 is required
- Be aware of common 1099 errors: Know how to avoid them and correct them
- Understand backup withholding: What it is, when to start and stop, how to deposit as well as report
- Understand the procedures for “B” notices: When to issue and how to follow-up
- Know when the payment card rules apply and how 1099 reporting is affected
- Understand how to document independent contractor as re-portable or non- re-portable
- Know the procedures and policies that establish “reasonable cause” and avoid penalties
- Reminders & What’s New
- Information Returns
- A walk-through Form 1099-MISC
- Correcting errors
- SSN, TIN, EIN
- TIN Solicitation & “B” Notices
- TIN verification
- Backup withholding
- Case Studies
- Tax Court Case Review
Why You Should Attend:
The changes in reporting requirements can be confusing and the IRS has recently made changes to reporting, error correction, and filing due date requirements. Accounts payable professionals, managers, and withholding agents need to be aware of the changes in order to avoid non-compliance and penalties. For non-compliance, penalties have recently been increased.
In order to stay compliant, practitioners must know which form to use to report specific transactions, when these forms must be filed or furnished to recipients in order to be on-time, what information should be included 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.
Who Should Attend:
- CPA’s
- Enrolled Agents
- Tax Professionals
- Bookkeepers
- HR Professionals
- Business Owners
- Accountants
During the Q&A session following the live event, ask a question, and get a direct response from our expert speaker.
Important Notice for our “Live” Attendees: If you have enrolled in the “Live Webinar”, you will get your instruction kit before 24 hours of the live class.
For Recorded and E-transcript Participants: If you have signed up for the “Recorded” class or for the “E-transcript”, you will get access to the “Recording link” or the “PDF” within 24-48 hours of the live class.
Jason T. Dinesen, LPA, EA is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars.
