This course will cover compliance aspects relating to the new Form 1099-NEC, and the Form 1099-MISC. We will start by discussing the basics of 1099s including who must file, which transactions are reportable, and who receive 1099. We will then discuss due diligence steps for determining who is a contractor vs. who is an employee, and how to effectively use Form W-9. We will also discuss filing issues including due dates, the e-filing mandate, and penalties for late filing, and how to reply to CP-2100 notices from the IRS regarding mismatches in taxpayer identification numbers.

Areas Covered:-

• The basics, including who issues 1099s, what transactions are reportable, and who gets 1099
• Form 1099-MISC and 1099-NEC changes for 2020
• Employee vs. Contractor: why it’s important and how to tell the difference
• Using Form W-9 for better compliance
• TIN verification
• IRS letters and how to respond
• Backup withholding
• Paying reimbursements to contractors: 1099 reportable or not?
• Form 1099-K and its interaction with the 1099-MISC/1099-NEC

Background:-

The reporting of contract labor has changed for 2020. It will no longer be reported in box 7 of the 1099-MISC; instead, it will go on the new Form 1099-NEC.

Level:-

Basic, though some advance knowledge of 1099s is helpful.

Why Should You Attend?

Learn about changes to the Form 1099 for 2020, including the introduction of a new form (Form 1099-NEC), how to tell the difference between an employee and a contractor, how to use Form W-9 effectively, IRS penalties and ways out of penalties, and how to respond to IRS notices.

Who Will Benefit?

• HR Professionals
• Office managers
• CFOs and controllers
• Tax preparers
• Accountants
• Accounts payable and accounting managers
• Accounts payable processing professionals
• Employers and Business owners
• Public accountants, CPAs, and Enrolled Agents
• Purchasing managers and professionals