This course will cover compliance aspects relating to the new Form 1099-NEC, and the Form 1099-MISC. We will start by discussing the basics of 1099s including who must file, which transactions are reportable, and who receive 1099. We will then discuss due diligence steps for determining who is a contractor vs. who is an employee, and how to effectively use Form W-9. We will also discuss filing issues including due dates, the e-filing mandate, and penalties for late filing, and how to reply to CP-2100 notices from the IRS regarding mismatches in taxpayer identification numbers.
Why should you attend?
Learn about changes to the Form 1099 for 2020, including the introduction of a new form (Form 1099-NEC), how to tell the difference between an employee and a contractor, how to use Form W-9 effectively, IRS penalties and ways out of penalties, and how to respond to IRS notices
What you'll learn?
The basics, including who, issue 1099s, what transactions are reportable, and who gets 1099
Form 1099-MISC and 1099-NEC changes for 2020
Employee vs. Contractor: why it’s important and how to tell the difference
Using Form W-9 for better compliance
IRS letters and how to respond
Paying reimbursements to contractors: 1099 reportable or not
Form 1099-K and its interaction with the 1099-MISC/1099-NEC