About The Event
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 filing due dates including the accelerated due dates for 1099-MISC Forms with an entry in box 7, and the safe harbor requirements for de minimis dollar amount errors. It will cover penalty provisions due diligence procedures, and exceptions to penalties including reasonable cause, common errors, and correction of errors.
- Reminders & What’s New
- Changes to filing deadlines and affected returns
- De minimis exception for money errors
- Increases in penalties for non-compliance
- Information Returns
- Overview of information returns
- Resources for compliance
- A walk through Form 1099-MISC
- Identification of reportable payments and payees
- Correcting Errors
- Common 1099 errors – how to prevent them and how to correct them
- SSN, TIN, EIN
- Taxpayer identification number basics: Which number to use
- Documentation that established reportable and non-reportable payees
- TIN Solicitation & “B” Notices
- Due diligence procedures avoid or mitigate penalties for missing or incorrect payee tax ID numbers
- “B” notice procedures: When to issue and how to follow-up
- TIN Verification
- Using the IRS TIN verification system
- Backup Withholding
- What it is
- When to start and when to stop
- How to deposit and report
- Penalties and problems
- Procedures and policies that establish "reasonable cause" and avoid penalties
Why Should You 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. Penalties for non-compliance have recently been increased.
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.
- Know when to furnish and file information returns under the new requirements
- Understand the de minimus error rules
- Identify reportable payments and payees. Know when a 1099 is required
- Be aware of common 1099 errors: Know how to avoid them and how to correct them
- Understand backup withholding: What it is; When to start and when to stop; How to deposit and report.
- Know the due diligence procedures to avoid penalties for missing or incorrect payee tax ID numbers
- 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 reportable or non-reportable
- Know the 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
- Human resource professionals
- Purchasing managers and professionals
- Public accountants, CPAs and Enrolled Agents
Industries: Human Resource, Payroll & Accounting, Accounting And Taxation , Payroll, HR Compliance
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.
The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.
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
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.
Also, please check your junk mail or spam folder for firstname.lastname@example.org or email@example.com. If you are still unable to find it, contact our Customer Service at (888) 527-3477, 8:00am-4:30pm EST Monday-Friday, for a new one.
For that, login to your user account. Go to Orders > Webinar. You will see a “Attendees” button. Click on that, it will go to Add Attendee page. There you can add Attendee details. Once you have added the details, you will be taken to Attendee Listing page, where you can see “Certificate Download” button to download certificate.
After you have purchased a recording, login to user account. Go to Orders->Recording tab. There you will find a Download link. Click on that to download the video.
Once you have purchased a On-demand video, login to user account. Go to Orders->On-demand tab. You will find a Watch Now button. Click Watch Now button to watch the video.
Access Unlimited WebinarsSUBSCRIBE 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.
Get flat 20% discount on Premium Product Category like, Long Hour Webinars.
Call Now At