Discussion
Webinar: 1099-MISC 1099-NEC Compliance: How to Minimize Errors in 2021 When: Wednesday May 19, 2021 - 01:00 PM EST Duration: 90 Minutes. This webinar will discuss reporting 2020 information as required on Forms 1099-MISC and 1099-NEC in early 2021 as well as expected updates to the forms for reporting 2021 information. The webinar will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines. The discussion will include 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, steps that can be taken to prevent penalties such as taxpayer identification number verification, backup withholding, handling B-notices, filing procedures, and correcting errors. Areas Covered in the Session: Information Returns Updates for Forms 1099-MISC and 1099-NEC. Information Returns: What they are and using the Guide to Information Returns Forms 1099-MISC, 1099-NEC and 1096: 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 to issue and how to follow-up Using the IRS TIN verification system to avoid IRS notices Backup withholding requirements and procedures Penalties for late or incorrect 1099 Forms Procedures and policies that establish "reasonable cause" and avoid penalties. Contact Person: SAM +1 3156320735 email@compliance.world Visit Website for Register Webinar
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