Form 1099- MISC Compliance, Due Diligence, Reporting Requirements - Latest Updates
OVERVIEW
This
webinar will cover the latest updates for Form 1099-MISC, specific reporting requirements for various
types of payments and payees, filing requirements, withholding requirements and
reporting guidelines.
It
will cover filing due dates including the accelerated due dates for 1099-MISC Forms with an entry in box 7, and the
safe harbor requirements for de minimis dollar amount errors. It will cover
penalty provisions due diligence procedures, and exceptions to penalties
including reasonable cause, common errors, and correction of errors.
WHY
SHOULD YOU ATTEND
The
changes in reporting requirements can be confusing and the IRS has recently
made changes to reporting, error correction, and filing due date requirements.
Accounts payable professionals, managers, and withholding agents need to be
aware of the changes in order to avoid non-compliance and penalties. Penalties
for non-compliance have recently been increased.
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, how and when to make corrections, how to avoid or mitigate errors,
whether a particular payee is subject to backup withholding, or transaction
reporting, and the due diligence procedures that shield an issuer from
penalties even when the forms contain incorrect information.
AREAS
COVERED
- Reminders
& What’s New
- Changes
to filing deadlines and affected returns
- De
minimis exception for money errors
- Increases
in penalties for non-compliance
- Information
Returns
- Overview
of information returns
- Resources
for compliance
- A
walk through Form 1099-MISC
- Identification
of reportable payments and payees
- Correcting
Errors
- Common
1099 errors – how to prevent them and how to correct them
- SSN,
TIN, EIN
- Taxpayer
identification number basics: Which number to use
- Documentation
that established reportable and non-reportable payees
- TIN
Solicitation & “B” Notices
- Due
diligence procedures avoid or mitigate penalties for missing or incorrect
payee tax ID numbers
- “B”
notice procedures: When to issue and how to follow-up
- TIN
Verification
- Using
the IRS TIN verification system
- Backup
Withholding
- What
it is
- When
to start and when to stop
- How
to deposit and report
- Penalties
and problems
- Procedures
and policies that establish "reasonable cause" and avoid
penalties
LEARNING
OBJECTIVES
- Know
when to furnish and file information returns under the new requirements
- Understand
the de minimus error rules
- Identify
reportable payments and payees. Know when a 1099 is required
- Be
aware of common 1099 errors: Know how to avoid them and how to correct
them
- Understand
backup withholding: What it is; When to start and when to stop; How to
deposit and report.
- Know
the due diligence procedures to avoid penalties for missing or incorrect
payee tax ID numbers
- Understand
the procedures for "B" notices: When to issue and how to
follow-up
- Know
when the payment card rules apply and how 1099 reporting is affected
- Understand
how to document independent contractor as reportable or non-reportable
- Know
the procedures and policies that establish "reasonable cause"
and avoid penalties
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
Use
Promo Code MKT10N and get flat 10% discount on all purchases
For more detail please click on this below
link:
Email: support@trainingdoyens.com
Toll Free: +1-888-300-8494
Tel: +1-720-996-1616
Fax: +1-888-909-1882
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