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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 you should Attend
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.
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 the Session
- Reminders & What's New
- Changes to filing deadlines and affected returns
- New 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
Who Will Benefit
- CFOs and Controllers
- Accounts Payable and Accounting Managers
- Accounts Payable Processing Professionals
- Employers and Business Owners
- Purchasing Managers
- Public Accountants, CPAs, and Enrolled Agents
Patrick A 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.