Form 1099-MISC Compliance: How to Minimize Errors and Avoid Penalties

OVERVIEW:

Form 1099-MISC presents a special set of reporting problems. It is used to report a number of types of payments with different requirements for each type of payment. In addition, the issuer must obtain correct tax identification information for a payee if a 1099 is required. Reporting entities must properly manage Form 1099-M ISC requirements or face penalties for incorrect reporting.

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.

WHY SHOULD ONE ATTEND THIS WEBINAR?

The IRS is actively targeting enforcement measures on accounts payable operations. 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.

AREAS COVERED IN THE SESSION:

• Reportable payments and payees. When a 1099 is required
• Common 1099 errors: How to avoid them and how to correct them
• Filing returns – paper verses e-filing, when is e-filing required
• Backup withholding: What it is; When to start and when to stop; Depositing and reporting
• Due diligence procedures to avoid penalties for missing or incorrect payee tax ID numbers
• How to verify vendor tax ID numbers and what to do if about a name/number mismatch
• Procedures for "B" notices: When to issue and how to follow-up
• Why Form W-9 is so important: When to obtain it, what it tells about a vendor
• Payment card rules: How 1099 reporting is affected
• How to document independent contractor as reportable or non-reportable
• Procedures and policies that establish "reasonable cause" and avoid penalties

WHO WILL BENEFIT BY THIS WEBINAR:

• 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

Others Details

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