IRS Form 1099, W-9 and 1099-MISC in 2023
The IRS will most likely require you to file an information return, if you have made a payment during the calendar year as a self-employed individual or while operating as a small business. As your informational tax forms contain and report the non-employee compensation, you are required to file yours on time. If you do not file the information returns or provide the payee statements on time, a penalty and, on top of that, monthly interest may apply to you.
You may also be required to file Form 1099-MISC for different types of reportable miscellaneous compensations. Although the 1099-MISC no longer reports the non-employee compensation since the beginning of 2020. Therefore, the non-employee compensation has to be reported using the Form 1099-NEC.
Join us on Standeagle to cover the latest updates on Form 1099-NEC and 1099-MISC for 2022, as well as a look at Form W-9 and how to stay compliant with your reporting obligations. Reporting contract labor on Form 1099-NEC is not necessarily the only obligation an employer has; employers need to be gathering proper information at the start of a relationship with a contractor. If they don't gather more information, backup withholding may be required.
If there's a mismatch in TIN (Taxpayer Identification Numbers), IRS issues CP-2100 notices. In this training, we will cover the steps to reply to such notices correctly. We will also discuss the filing issues including deadlines, the e-filing mandate and IRS penalties for late filing. We will also learn the classification of contractors vs. employees. This training will also provide a complete guide on how to effectively use Form W-9 documentation for proper compliance.
Objectives
-When to issue a 1099
-Learn to effectively use the W-9
-CP-2100 letters
-Backup withholding
-Form changes for 2022
-E-file mandate – changing or not?
-Form 1099 in 2023: Latest updates
-Latest updates on Forms 1099-MISC and 1099-NEC
-Information guide, identification of reportable payments and payees
Handling The Non-compliance
-How to handle missing or incorrect payee tax ID numbers
-TIN verification system: which number to use to avoid IRS notices?
-Mitigation of errors and ensuring accuracy with on-time filing
-Dealing with and replying to CP-2100 notices
-What are the "B" notice procedures? When they are issued and how to follow-up
-IRS letters and how to respond
-Backup withholding, transaction reporting and due diligence
For Your Information
-The basic details of 1099s
-Who issues 1099s
-What transactions are reportable
-Who gets a 1099
Bonus Topics
-Employee vs. Contractor: why it’s important and how to differentiate
-Using Form W-9 documentation better compliance
-What are the most common 1099 mistakes and how to prevent and correct them?
-Paying reimbursements to contractors: 1099 reportable or not
Why You Should Attend
As the IRS is now actively monitoring the compliance operations and the penalties involved, join us to get a detailed explanation on diligence procedures to avoid or mitigate penalties that the incorrect filing of Form 1099, Form 1099-MISC and Form 1099-NEC may result in. You will learn about the policies and procedures involved.
We will also go through a guideline to use Form W-9 effectively. You will learn about the IRS penalties and ways out of those penalties in case of incorrect filings. By the end of this session, you will know how to respond to the IRS notices.
Who will Benefit
-Accountants
-Bookkeepers
-Business owners
-Office managers
-Controllers
-Managers
-CFOs
-EAs
You may ask your Question directly to our expert during the Q&A session.
Jason Dinesen
Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses. Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community.
Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more. He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting. He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics.
Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa. He was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 4 cats and 2 dogs. His other hobbies include being a season ticket holder to University of Iowa football.
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