Best Practices for 1099 Compliance Including the New 1099-NEC and Updated 1099-MISC On Demand (2 hours)

Best Practices for 1099 Compliance Including the New 1099-NEC and Updated 1099-MISC On Demand (2 hours)

  • $89.00


Description 

In this course, we take a comprehensive walk through the best practices for complying with IRS Forms W-9, 1099-MISC and 1099-NEC reporting requirements for the calendar year 2020.  This will include an in-depth look at the brand-new Form 1099-NEC and the updated Form 1099-MISC.  Learn how to effectively manage your IRS reporting obligations and reduce your risk of penalties.      

Major Subjects Covered 

  • Definition of IRS information reporting
  • IRS classification of employee vs independent contractors
  • Importance of receiving W-9s that are correct and complete
  • Limited liability company tax classifications
  • Single-member LLCs and related W-9 form requirements
  • TIN Matching process
  • Backup withholding and annual solicitation requirements
  • Payments not reportable on a 1099 form
  • Reporting payments made to corporations
  • The new Form 1099-NEC and revised 1099-MISC
  • State reporting and the Combined Federal/State Reporting Program
  • The consent needed to send 1099 forms electronically to your vendors
  • The 1099 correction process
  • “B” notice obligations
  • Form 1099 due dates for the calendar year 2020

Learning Objectives 

Upon completing this session, you should be able to: 

  • Learn how the IRS classifies employees vs. independent contractors
  • Learn the importance of correct and complete W-9 forms
  • Illustrate the value of IRS TIN matching and how to implement in your company
  • Understand 2020 IRS backup withholding requirements, penalties, due dates and “B” notice rules
  • Identify payments that are reportable on the newly updated Form 1099-MISC
  • Discuss the brand-new Form 1099-NEC

Recommended CPE Credit 

2 hours of Financial Education

Instructional Delivery Method: QAS on-demand learning, including review and final exam questions. To earn credit, participants must pass the final exam with a score of 70% or better within one year of registering for this course. Participants may attempt take the final exam up to 10 times.