- TypeWebinar
- Location Newark, Delaware, United States
- Date 18-09-2019
Finance
Accounting/Financial/Banking/Insurance
This webinar will cover the latest supdates for Form 1099, focusing on Form 1099-MISC and filing and furnishing 2018 Forms. The session will also cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines. It will also cover important filing due dates, the safe harbor requirements for de minimis dollar amount errors, and the due diligence steps that establish the reasonable cause exception to propose penalties.
To prevent fraud involving information returns and false refund claims, the filing deadlines for certain 1099 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 minimis error rules. In addition, penalties for non-compliance have been increased and are now indexed for inflation.
Form 1099-MISC will be covered in detail. It presents a special set of reporting problems since it is used to report different 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 due diligence and a reasonable cause penalty exception when things go wrong.
Patrick 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.
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Tel: +1-(510)-868-1040