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This webinar will cover when Forms 1099-NEC and 1099-MISC need issued. We will cover who issues 1099s and to whom, and for what transactions.
Then we'll talk about a different form - the 1099-K - and how some types of transactions go on a Form 1099-K, which relieves you of needing to issue a 1099 yourself. We will also cover various scenarios businesses may find themselves in, and how such transactions are reported.
And since this webinar is also focused on compliance, we will cover how to tell the difference between a contractor and an employee, which is a growing area of IRS audits - and states are becoming more aggressive with this as well.
As Part of this discussion we will look at the Form W-9 and how to use it for compliance. We will also cover reimbursements to contractors are those reimbursements reportable on a 1099 or not?
Why you should Attend
IRS enforcement of 1099 reporting requirements is increasing, and penalties apply for failure to issue a 1099 when you should have.
This webinar will answer your questions about situations where 1099 reporting is required - specifically Forms 1099-NEC and 1099-MISC.
Areas Covered in the Session
- What is a 1099 and who issues one?
- Who receives a 1099?
- What transactions are reportable?
- Form 1099-K and its interaction with 1099-NEC and 1099-MISC
- Form W-9
- Backup withholding
- Employee or contractor: how to tell the difference
- Reimbursements to contractors: reportable or not?
Who Will Benefit
- Payroll Professionals
- Office Managers
Jason T. Dinesen , LPA, EA 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 educational seminars. Dinesen majored in corporate communications with a minor in management from Simpson College. He started his practice in 2009 and became a public accounting firm in 2013. Jason has been presenting on various tax topics since 2012, and now gives webinars almost daily.