Form 1099 for 2020 – Latest Updates

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Key Take-Away:
The IRS has changed the way contract labor is reported. It will no longer go on a 1099-MISC but instead on the new 1099-NEC.

Overview:
The IRS has changed the way contract labor is reported. Starting with 2020, you will report contract labor on a Form 1099-NEC instead of Form 1099-MISC. This webinar will cover that change, along with other 1099 topics such as how to file, when to file, how to fix errors, and how to tell the difference between a contractor versus an employee. This webinar will help you stay in compliance and avoid penalties.

Why Should You Attend:
For the first time since 1982, the IRS is changing the way contract labor is reported. An old form — the 1099-NEC — is being brought back for reporting contract-labor payments. This means the 1099-MISC has changed as well. This webinar will cover all of the changes, as well as give you practical advice about what types of payments are reportable on either type of 1099, what the filing deadlines are, and how to avoid penalties. We will also cover Form W-9 and other issues relating to contractors.

Areas Covered in the Session:
•  New Form 1099-NEC
•  Who must file 1099s (of any type)
•  What transactions are reportable
•  Who receives 1099s
•  Deeper discussion of medical payments, and legal payments
•  Filing issues: how to file, when to file, penalties for late filing
•  Contractor vs. employee: how to tell the difference and why it’s important
•  Reimbursements to contractors
•  Form 1099-K and its interaction with other types of 1099s

Speaker: Jason T. Dinesen
Jason Dinesen 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. Dinesen majored in corporate communications with a minor in management from Simpson College. He started his practice in 2009.

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