- TypeWebinar
- Location New York, United States
- Date 12-07-2017
Finance
Key Take Away
The changes in reporting requirements can be confusing and the IRS has recently made changes to reporting, error correction, and filing due date requirements. Attend this Form 1099 compliance training and know when to furnish and file information returns under the new requirements.
Overview
The regulatory landscape for Form 1099 compliance keeps shifting as Congress attempts to balance jobs growth with narrowing the tax gap and the IRS attempts to address fraud and identity theft issues involving information returns including 1099 Forms. Over the past decade changes were written into the law and regulations, some have been implemented; some were repealed, but all creating compliance challenges for businesses. To prevent fraud involving information returns and false refund claims, the filing deadlines for certain 1099-MISC Forms has been moved up. The IRS recognized the potential for an increase in the number of errors on filed 1099 Forms and has revised the de minimus error rules.
While the changes apply to most information returns, Form 1099-MISC presents a special set of reporting problems and deserves special discussion. It is used to report a number of types of payments with different requirements for each type of payment.
For all information returns, the issuer must obtain correct tax identification information from recipients and, if required for a particular payee, withhold income tax from payments to that payee. These two processes involve soliciting and obtaining Forms W-9 and W-8 from payees, not only to obtain the information, but to establish a reasonable cause penalty exception when things go wrong.
Why Should You Attend
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.
Areas Covered In This Webinar
Learning Objectives
Who Will Benefit
Email: [email protected]
Toll Free: +1- 844-414-1400
Tel: +1-516-900-5509
Fax: +1-516-300-1584
Attend this Form 1099 compliance training and know when to furnish and file information returns under the new requirements. Book now or call +1- 844-414-1400
2754 80th Avenue, New Hyde Park, NY 11040
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