HR & Payroll

Overview:

Any business – regardless of its structure (sole proprietor, corporation, etc.) that makes "reportable transactions" during the year is requires to issue 1099 to the recipient of income and to the IRS. Form 1099-MISC compliance is a surprisingly complicated compliance requirement for businesses and accountants. The requirements are always changing, and answers are seldom clear-cut. This course will de-mystify some of the tricky areas relating to Form 1099-MISC, such as when 1099 should be issued and whether a worker is a contractor or an employee.

This webinar includes the latest update on Form 1099-NEC which is being Resurrected by IRS & it will be used to report payments made to independent contractors, and Form 1099-MISC for reporting payments such as rent. We will also cover Form 1099-K and how to deal with payments made via apps such as PayPal and Venmo. IRS penalties for failure to file correct 1099s continue to rise, and the IRS is cracking down on 1099-related compliance such as backup withholding.

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

Session Highlight:

·       When to file: the $600 threshold

·       When to file: corporations

·       When to file: credit card and payment apps such as Venmo

·       Filing matters including the e-file mandate and how to file

·       Why file a Form 1099? & Who must issue a 1099?

·       To identify the rules requiring W-9 documentation and 1099 reporting for various types of forms.

·       To recognize how to establish the independent contractor relationship with the right documentation.

·       To recognize the rules and keep your company in compliance

·       To identify that your records are correct and will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit

Why You Should Attend:

There are 17 versions of the IRS Form 1099, used for reporting information about various payments you make. For example, you need to declare the money you pay to contractors on Form 1099-NEC (Nonemployee Compensation). The deadline for many of these forms is January 31, so you need to move quickly to issue them in time.

You must follow the current 2023 rules for filing these forms. Mistakes can lead to penalties and fines.

What Will You Learn:

·       What constitutes a reportable transaction?

·       What are the rules regarding paying and IRS reporting on Independent Contractors?

·       How do we avoid the IRS CP-2100 (B-Notices)? What if our vendor/payee claims exemption; must we obtain a W-9 anyway?

·       What are the best practices for handling our information reporting obligations?

·       How can we minimize risk of improper exemption claims by our payees and vendors?

·       Different due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.

Who Should Attend:

·       Business Owners

·       Senior Management

·       CFO & Controllers

·       CPA’s & EA’s

·       Human Resources professionals

·       Payroll Professionals

·       Compliance Professionals

·       Accountants

·       Bookkeepers

·       Tax Professionals

·       Auditors

·       Office Managers

·       Managers & Supervisors

·       Vendor Management Professionals

·       Benefits Managers

·       Finance Professionals

Ask your question directly from our expert during the Q&A session following the live event.