Recorded Webinar

Processing Forms 1099 -MISC and 1099-NEC: Now and Next Year

Duration: 90 minutes Speaker: Patrick A. Haggerty, EA
CREDITS:

Available On-Demand

PURCHASE OPTIONS

Individual Purchase Options
On-Demand
Available On-Demand. Watch the webinar recording multiple times for 30 days.
$179
Recording
Download link will be emailed for single user access with handouts. Available in 3-5 business days, after Live Event. Never Expires.
$199
Transcript (PDF)
PDF transcript of webinar with handouts will be emailed. Available in 7-10 business days, after Live Event. Never Expires.
$169
Group Purchase Options
Recording With License to Share
Download link will be emailed with a license to share within the organization. Available in 3-5 business days, after Live Event. Never Expires.
$599
ABOUT THE EVENT

This webinar will cover the reporting requirements for Forms 1099-MISC and 1099-NEC with a focus on the details and proper preparation of the forms. It will also cover updates to the Forms and 2024/2025 and beyond electronic filing methods and requirements. This will include discussion of changes to filing requirements and methods, including the IRIS (Information Return Intake System) portal, the FIRE (Filing Information Returns Electronically) system, filing through a third party, and filing paper returns.   The webinar will also cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements, reporting guidelines and best practices for compliance assurance and penalty avoidance.

Description

This webinar will cover the latest updates for Form 1099-MISC and Form 1099-NEC. It will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines as well as the latest filing methods.

The webinar will touch on filing due dates, penalties for late filed and late furnished returns, best practices for prevention and mitigation of penalties and penalty exceptions. including how to establish reasonable cause for penalty abatement.

Why You Should Attend

The IRS is beefing up technology and staff to enhance enforcement to reduce the tax gap including actively targeting enforcement measures on information reporting compliance. Penalties for non-compliance are now indexed and increase each year. It is more important than ever that 1099 Forms be prepared correctly, filed and furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties.

In order to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients in order to be on-time, which information to include 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.

The IRS has finalized regulations which reduced the e-filing threshold for information returns to 10 forms from 250 and made changes for e-filing methods. This session will provide the latest information available regarding regulatory and technology changes and what you can do to prepare for compliance in filing returns for 2024 and beyond.

After This Webinar You Will

  • Be prepared for filing Form 1099 NEC and Form 1099-MISC
  • Be aware of any changes to electronic filing for 2024 forms filed in 2025.
  • Know the due dates for furnishing and filing information returns.
  • Identify reportable payments and payees. Know when a 1099 is required.
  • Be aware of the IRIS system and how to apply for an IRIS Transmitter Control Code (TCC).
  • Be aware of common 1099 errors: Know how to avoid them and how to correct them.
  • Understand how Form W-9 can assist in determining when a 1099 is required.
  • Be aware of backup withholding requirements and “B” notices.
  • Be aware of best practices such as TIN solicitation and TIN verification that can avoid or mitigate penalties for missing or incorrect vendor Tax ID numbers.
  • Know when the payment card rules apply and how 1099 reporting is affected.

Areas Covered

  • Information Returns: 2024 updates to Forms 1099-MISC and 1099-NEC.
  • Reporting and filing requirements for 2024 returns filed in 2025.
  • Information Returns: What they are and using the Guide to Information Returns
  • Forms 1099-MISC, 1099-NEC and 1096: Identification of reportable payments and payees.
  • Common 1099 errors - how to prevent them and how to correct them.
  • Taxpayer identification number basics: Which number to use.
  • Form W-9: documentation that establishes reportable and non-reportable payees.
  • Due diligence procedures avoid or mitigate penalties.
  • Penalties for late or incorrect 1099 Forms.
  • Procedures and policies that establish "reasonable cause" and avoid penalties.

Who Should Attend

  • 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
38f0e7d922a183e06e18edf9f8fd871b.jpg
Patrick A. Haggerty, EA

Pat Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.

ceu1.png

The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.

Credits: 1.5

ceu2.png

Compliance Prime is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org

Credits: 1.5

ceu3.png

Compliance Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org.

Credits: 1.5

ceu4_1.jpg

Credits: 1.5

Access Unlimited Webinars

SUBSCRIBE NOW
Why You Should Subscribe?
Unlimited Live and On-Demand Courses

Watch all live or recorded webinars (up to 120 minutes long). Get instant access to a library of more than 500 high quality courses presented by best-in-class presenters.

CEUs: APA, CPE, SHRM and HRCI Credits

Fulfil your recertification requirements by earning CEUs from APA, CPE, SHRM and HRCI.

Free Access to Course Materials

Each program comes with Additional Course Materials, which you can download and read anytime.

Additional Discounts

Get flat 20% discount on Premium Product Category like, Long Hour Webinars.

Call Now At

888-527-3477

Testimonials

What people are saying about us


Maria Glezos

Client

I thought it was well organized, comprehensive and the speaker was an effective communicator.


David

Client

The instructor's ability to explain different findings and her ability to relate to them. Her knowledge and experience are game-changer and will help us keep a high score.


Lisa Pardilla

Client

Great speaker and very detailed information. I got a lot out of this webinar. Thank you.


Azahara

Client

Gave samples and took their time to explain everything to the point


Daniel

Client

I finally understand how the effective date of actions affects discrepancies.


Josephine

Client

Gwen is a very good teacher cause of all her years in the field.

Get Unlimited Webinars, Starting $799 only!
  • Unlimited Live and On-Demand Webinars (Up to 120 Minutes Long)
  • Unlimited Course Materials
  • CEUs: APA, CPE, SHRM and HRCI
  • 20% Discount on Long Hour Webinars
  • Certificate of Participation
Choose Membership

Similar Events

https://www.complianceprime.com/uploads/img_upload/0b68146372567aeb984738e93846cccf.jpg
https://www.complianceprime.com/uploads/img_upload/1652710890_033c2b451754d70fb85e.png
https://www.complianceprime.com/uploads/img_upload/45768fddc95f95a0e0108ccb242bdd72.jpg
Event Calendar

Our Accreditation Partner