This 90-minute Form 1099 webinar covers the reporting requirements for Forms 1099-MISC and 1099-NEC, with a focus on preparing the forms correctly. It reviews the changes made to the 2023 forms and the electronic filing rules for that period, including lower e-file thresholds and IRIS, the IRS Information Return Intake System, an online portal for filing 1099-series forms without special software.
You'll learn the reporting rules for different types of payments and payees, filing and withholding requirements, due dates, Form W-9 and TIN basics, and backup withholding and B notices.
The session also covers common 1099 errors and corrections, penalties for late or incorrect forms, payment card rules, and due diligence that can establish reasonable cause for penalty relief.
WHY SHOULD YOU ATTEND?
The IRS has been targeting information reporting compliance, and penalties are indexed and rise each year. Filers need to know which form to use, when it is due, what to include, how to correct errors, when backup withholding applies and which due diligence steps protect them from penalties.
This session suits CFOs, controllers, accounts payable and accounting staff, purchasing professionals, employers, business owners, CPAs and enrolled agents.
AREA COVERED
- Changes to the 2023 Forms 1099-MISC and 1099-NEC
- Reporting and filing requirements for 2023 returns filed in 2024
- What information returns are and how to use the Guide to Information Returns
- Forms 1099-MISC, 1099-NEC and 1096: identifying reportable payments and payees
- Common 1099 errors and how to prevent and correct them
- Taxpayer identification number basics
- Form W-9 as documentation of reportable and non-reportable payees
- Due diligence procedures that avoid or reduce penalties
- Penalties for late or incorrect 1099 forms
- Policies that establish reasonable cause and avoid penalties
LEARNING OBJECTIVES
- Prepare and file Forms 1099-NEC and 1099-MISC
- Know the due dates for furnishing and filing information returns
- Identify reportable payments and payees and when a 1099 is required
- Use Form W-9, TIN solicitation and verification to reduce penalty risk
- Explain the IRIS system and how to apply for a Transmitter Control Code (TCC)
- Avoid and correct common 1099 errors
- Apply backup withholding rules and handle B notices
- Recognize when payment card rules affect 1099 reporting
WHO WILL BENEFIT?
- CFOs and controllers
- Accounts payable and accounting managers
- Accounts payable processing professionals
- Employers and Business owners
- Purchasing managers and professionals
- Public accountants, CPAs, and Enrolled Agents
The IRS has been targeting information reporting compliance, and penalties are indexed and rise each year. Filers need to know which form to use, when it is due, what to include, how to correct errors, when backup withholding applies and which due diligence steps protect them from penalties.
This session suits CFOs, controllers, accounts payable and accounting staff, purchasing professionals, employers, business owners, CPAs and enrolled agents.
- Changes to the 2023 Forms 1099-MISC and 1099-NEC
- Reporting and filing requirements for 2023 returns filed in 2024
- What information returns are and how to use the Guide to Information Returns
- Forms 1099-MISC, 1099-NEC and 1096: identifying reportable payments and payees
- Common 1099 errors and how to prevent and correct them
- Taxpayer identification number basics
- Form W-9 as documentation of reportable and non-reportable payees
- Due diligence procedures that avoid or reduce penalties
- Penalties for late or incorrect 1099 forms
- Policies that establish reasonable cause and avoid penalties
- Prepare and file Forms 1099-NEC and 1099-MISC
- Know the due dates for furnishing and filing information returns
- Identify reportable payments and payees and when a 1099 is required
- Use Form W-9, TIN solicitation and verification to reduce penalty risk
- Explain the IRIS system and how to apply for a Transmitter Control Code (TCC)
- Avoid and correct common 1099 errors
- Apply backup withholding rules and handle B notices
- Recognize when payment card rules affect 1099 reporting
- CFOs and controllers
- Accounts payable and accounting managers
- Accounts payable processing professionals
- Employers and Business owners
- Purchasing managers and professionals
- Public accountants, CPAs, and Enrolled Agents