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The IRS will most likely require you to file an information return if you have made a payment during the calendar year as a self-employed individual or while operating as a small business. As your informational tax forms contain and report the non-employee compensation, you are required to file yours on time. If you do not file the information returns or provide the payee statements on time, a penalty and, on top of that, monthly interest may apply to you.
You may also be required to file Form 1099-MISC for different types of reportable miscellaneous compensations. Although the 1099-MISC no longer reports the non-employee compensation since the beginning of 2020. Therefore, the non-employee compensation has to be reported using the Form 1099-NEC.
Join us on Clatid to learn how to fulfill the compliance requirements for filing Form 1099 and Form 1099-MISC as per the updates in 2022. You will learn about the basics of 1099s - who must file, which transactions are reportable, and who receives 1099. We will also explain what happens when 1099-K interacts with these forms.
If there's a mismatch in the TIN (Taxpayer Identification Numbers), IRS issues CP-2100 notices. In this training, we will cover the steps to reply to such notices correctly.
We will discuss the filing issues including deadlines, the e-filing mandate, and IRS penalties for late filing. We will also learn the classification of contractors vs. employees. This training will also provide a complete guide on how to effectively use Form W-9 documentation for proper compliance.
-Form 1099 in 2022: Latest updates
-2022 updates on Forms 1099-MISC and 1099-NEC
-Information guide, identification of reportable payments and payees
-Form 1099-K and its relationship with the 1099-MISC/1099-NEC
-How to handle missing or incorrect payee tax ID numbers
-TIN verification system: which number to use to avoid IRS notices?
-Mitigation of errors and ensuring accuracy with on-time filing
-Dealing with and replying to CP-2100 notices
-What are the "B" notice procedures? When they are issued and how to follow-up
-IRS letters and how to respond
-Backup withholding, transaction reporting, and due diligence
-The basic details of 1099s
-Who issues 1099s
-What transactions are reportable
-Who gets a 1099
-Employee vs. Contractor: why it’s important and how to differentiate
-Using Form W-9 documentation better compliance
-What are the most common 1099 mistakes and how to prevent and correct them?
-Paying reimbursements to contractors: 1099 reportable or not
As the IRS is now actively monitoring the compliance operations and the penalties involved, join us to get a detailed explanation on diligence procedures to avoid or mitigate penalties that the incorrect filing of Form 1099, Form 1099-MISC, and Form 1099-NEC may result in. We will also discuss their relationship with Form 1099-K. You will learn about the policies and procedures involved.
We will also go through a guideline to use Form W-9 effectively. You will learn about the IRS penalties and ways out of those penalties in case of incorrect filings. By the end of this session, you will know how to respond to the IRS notices.
-Accountants
-Bookkeepers
-Business owners
-Office managers
-Controllers
-Managers
-CFOs
Jason Dinesen is a taxation specialist and one of most experienced keynote speakers on Clatid. He currently has the record of conducting most successful taxation sessions with us. He is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. He prepares over 200 tax returns every year and deals with a variety of situations ranging from individual taxes to business taxes. He has been presenting amazing training sessions since 2012.
Clatid is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.0 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please portal.shrm.org.
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