Form 1099 and W-9 Updates
Duration : 90 Minutes
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 Read more
Businesses reported contract labor pay in box 7 of Form 1099-MISC. That has changed for 2020 with the new Form 1099-NEC being introduced. This webinar will cover what transactions are reportable on the 1099-MISC and 1099-NEC; filing issues, penalties, and how to get out of penalties; how to tell the difference between a contractor and an employee; compliance tips including proper usage of Form W-9; a line-by-line discussion of the W-9; and how Form 1099-K interacts with the 1099-MISC and 1099-NEC.
Why Should You Attend:
The IRS has introduced a new "old" form for 2020 - the Form 1099-NEC. This form was used years ago to report contract labor, but was retired after the 1982 tax season. It is now being brought back for 2020 and is where contract labor payments will now go. No longer will those payments be reported in box 7 of the 1099-MISC. This webinar will cover: who needs to file a 1099-MISC or 1099-NEC; what payments are reportable; the changes in 2020 for the 1099-MISC and 1099-NEC; filing issues including due dates, penalties, and how to get out of penalties; how to tell the difference between a contractor and an employee; how to use Form W-9, a lie-by-line discussion of the W-9, and other compliance tips; and how Form 1099-K interacts with the 1099-MISC and 1099-NEC.
Course Outline:
• An overview of the new 1099-NEC
• Who needs to file 1099s
• What payments are reportable
• 2020 changes to the 1099-MISC
• Filing 1099s with the IRS, including due dates and the e-filing mandate
• Penalties for late filing
• Getting out of penalties
• Form CP-2100 letters: what they are and how to respond
• How to tell the difference between a contractor and an employee
• Using Form W-9 for compliance
• Line-by-line through the W-9
• Other compliance tips
• How Form 1099-K interacts with the 1099-MISC and 1099-NEC
What You Get:
• Training Materials
• Live Q&A Session with our Expert
• Participation Certificate
• Access to Signup Community (Optional)
• Reward Points
Who Will Benefit:
• CFOs and controllers
• Accounts payable and accounting managers
• Accounts payable processing professionals
• Employers and Business owners
• Purchasing managers and professionals
• Public accountants, CPAs and Enrolled Agents
• Compliance Officers
• Information Reporting Officers
• Tax Managers
• Auditors
• Risk Managers
Please reach us at 1-888-844-8963 for any further assistance or if you wish to register
