This webinar will cover the latest updates for Form 1099-MISC and Form 1099-NEC. It will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements, and reporting guidelines.
The webinar will cover filing due dates, penalties for late-filed and late furnished returns, various ways to prevent and mitigate penalties including the safe harbor provisions for de minimis dollar amount errors and the important “reasonable cause” defense, and steps that can be taken now to prevent penalties such as taxpayer identification number verification, backup withholding, handling B-notices, filing procedures and correcting errors.
The IRS is actively targeting enforcement measures on accounts payable operations. Penalties for non-compliance are now indexed and increase each year. It is more important than ever that 1099 Forms be prepared correctly, filed, and furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties.
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, and 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.
The IRS recently released proposed regulations regarding the reduction of the e-filing thresholds for information returns. This session will provide the latest information available regarding the proposed regs and what to do to prepare for compliance with final regulations.
The IRS is actively targeting enforcement measures on accounts payable operations. Penalties for non-compliance are now indexed and increase each year. It is more important than ever that 1099 Forms be prepared correctly, filed, and furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties.
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, and 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.
The IRS recently released proposed regulations regarding the reduction of the e-filing thresholds for information returns. This session will provide the latest information available regarding the proposed regs and what to do to prepare for compliance with final regulations.
Patrick Haggerty
Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.
Transform Data into Insights: A Beginners Guide to Excel Pi…
Leadership: Strategic Planning and Decision Making
Onboarding Best Practices for 2025: Proven Strategies to Po…
Seeking Truth: Detecting Truth, Lies and Deception in a Wor…
Managing Difficult Employee Conversations
Copilot and HR: An Introduction for HR Professionals
How to Document Employee Discussions and Why it is Important
Dealing With Difficult People In Life & Work
How to Write Effective Audit Observations: The Principles f…
OSHA Requirements for Supervisors, Project Leaders & HR - W…
FDA Compliance And Laboratory Computer System Validation
4-Hour Virtual Seminar on Transformational Leadership - The…
3-Hour Virtual Boot Camp on Easier Excel Automation with VB…
2025 Handbook Overhaul: Navigating Critical Updates! Federa…
Excel Spreadsheets; Develop and Validate for 21 CFR Part 11…
Negotiating Skills For Professional Results - Winning Strat…
Building Thriving Teams: Proactive Strategies for Managers …
Designing Employee Experiences to Build a Culture of Compli…
Empowering Conflict Resolution: Letting Go to Gain Control
Navigating Alcohol and Drug Addiction Protections Under the…
President Trumps Executive Orders And What They Mean to Emp…
The Anti-Kickback Statute: 2025 - Year in Review
FDA Technology Modernization Action Plan (TMAP) and Impact …
Form W-9 Compliance: TIN Verification, B Notices, and Avoid…
Workplace Investigations 101: How to Conduct your Investiga…
50+ new Excel features so far this decade
FDA Regulation of Artificial Intelligence/ Machine Learning
From Challenges to Compliance: Understanding Dietary Supple…
Utilizing HR Metrics to Illustrate & Improve Human Resource…
Do's and Don'ts of Documenting Employee Behaviour, Performa…
The Importance of the first 5 seconds when presenting
Why EBITDA Doesn't Spell Cash Flow and What Does
Outlook - Master your Mailbox - Inbox Hero Inbox Zero
Policy Pops: Navigating DEI in the 2025 Workplace: Strategi…
Impact Assessments For Supplier Change Notices
The Monte Carlo Simulations in Excel for Risky Investments
Understanding the incredible uses and fallbacks of ChatGPT
California Meal and Rest Breaks: What You Don't Know Can Co…
Unlock Employee Loyalty: Stay Interviews Will Keep Them Eng…
Onboarding is NOT Orientation - How to Improve the New Empl…
Gossip-Free: Leadership Techniques to Quell Office Chatter
Female to Female Hostility @Workplace: All you Need to Know
6-Hour Virtual Seminar on Learning the Highlights of Excel …