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As more and more small businesses are using independent contractors, the need to file 1099s is increasing. The IRS brought back Form 1099-NEC for 2021. This webinar will help participants know when they should file a 1099-NEC and when they should file a 1099-MISC and use of various other 1099s. Not knowing the difference can cost business owners and tax professionals in IRS penalties.
Attend this webinar to stay in tax compliance and avoid these IRS penalties by filing your 1099s correctly and timely. The deadline for the filing of various 1099s is January 31st, learn how to be compliant before the deadline approaches.
Learn best practices for managing 1099 Form compliances.
This webinar provides a comprehensive structure that covers everything from the basics of Form 1099 to the updates for 2024, compliance, withholding, penalties, and a dedicated Q&A session to engage the audience directly.
· Learn Independent Contractor vs Employee classification
· Learn when to issue a 1099
· Understanding the Distinctions Between various 1099 Forms
· Learn the criteria for issuing a 1099-NEC
· Learn the criteria for issuing a 1099-MISC
· Reporting requirements and back-up withholding
· Recognize when to collect a W-9 vs a W-8
· Learn how to properly fill out a 1099-NEC and 1099-MISC
· Learn what the penalties are for not filing 1099s in a timely manner
· Penalties for Failure to Comply
· Electronic vs. Paperless Filin
· Best Practices – Form 1099 Compliances
· Comprehending the 2024 Updates and Revisions to Reporting Requirements
· Learning Best Practices for Accurate and Timely Reporting
After the end of this event, participants will have an understanding of who should be issued a 1099-NEC and who should be issued a 1099-MISC. you will get a complete idea of use of Various Other Types of 1099 Forms. Participants will also know the appropriate way to fill out these forms and how to make sure they have the contractors’ proper information prior to tax time. This event will help those preparing 1099s this season to confidently get these forms filed timely, helping their clients stay in compliance.
Bonus Content:
There will be visuals of 1099-NECs and 1099-MISCs to illustrate how these forms should look like when they are properly filled out.
· Field of Study: Taxes for 1.0 Hours
· Prerequisite: Basic Knowledge of Taxation
· Level of Knowledge: Intermediate
· Advance Preparation: None
· Tax professionals
· Payroll Professionals
· Business Owners
· Managers
· CFOs
· Enrolled Agents
· Controllers
· Bookkeepers & Accountants
Timalyn S. Bowens, EA, is an IRS-licensed enrolled agent who has been working in the tax industry for 11 years. She started Bowens Tax & Bookkeeping Solutions in 2016, helping small businesses keep their records straight and compliant with the IRS.
After becoming an enrolled agent in 2018, she began to fully help her clients negotiate with the IRS and represent them in audits. In 2021, her company became Bowens Tax Solutions as their primary focus is now to represent taxpayers before the IRS.
Timalyn is a member of the National Association of Enrolled Agents (NAEA) and the American Society of Tax Problem Solvers (ASTPS). She will be a speaker at an NAEA event later this year to train other tax professionals on a representation topic. She was also a speaker at the Tax and Accounting Summit of 2021.
In addition, Timalyn is a member of the Bellarmine University Alumni Board of Directors, where she serves on the mentor committee. She is also a Bellarmine University Alumni Ambassador, helping prospective students learn more about the university.
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Clatid is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org.
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