- This event has passed.
Compliance Key: Filing IRS Form 1099-NEC And W-9 Update – Complying With IRS Information Reporting – TRAINING – ONLINE/WEBINAR
October 26, 2020 @ 1:00 pm - 2:30 pm| US$179
This webinar will cover new Form 1099-NEC for 2020 and how it changes Form 1099-MISC for 2020. Form 1099-NEC is required to report nonemployee compensation paid during 2020, replacing box 7 of Form 1099-MISC. The webinar will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines.
The webinar will discuss the importance of Form W-9 in providing the information required for filing correct information returns and the role it plays in the prevention and mitigation of penalties for late filed and late furnished returns. The various exceptions to penalties will be covered, including the safe harbor provisions for de minimis dollar amount errors and the important “reasonable cause” defense. Taxpayer identification number (TIN) verification, backup withholding, B-notices, filing procedures and error correction be covered.
Why should you attend this webinar?
Areas Covered in the Session:
- Information Returns: New 2020 Form 1099-NEC and revised 2020 Form 1099-MISC
- Information Returns: Using the Guide to Information Returns
- Identification of reportable payments and payees
- Common 1099 errors – how to prevent them and how to correct them
- Taxpayer identification number basics: Which number to use
- Form W-9: documentation that establishes reportable and non-reportable payees
- Due diligence procedures avoid or mitigate penalties
- How to handle missing or incorrect payee tax ID numbers
- “B” notice procedures: When and how to issue and follow-up
- Using the IRS TIN verification system to avoid IRS notices
- Backup withholding requirements and procedures
- Penalties for late or incorrect information returns
- Procedures and policies that establish “reasonable cause” and avoid penalties
Who can 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