The most awaited form of the year is here!!
In this information-packed hour, you'll learn absolutely everything about the compliance aspects relating to the 2021 updates for the new Form 1099-NEC, and the Form 1099-MISC. We will discuss about the basics of 1099s - who must file, which transactions are reportable, and who receives 1099. You will also discover 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 session, we will cover the steps to reply to such notices correctly.
We will then discuss due diligence steps for determining who is a contractor vs. who is an employee. This training will also provide a complete guide on how to effectively use Form W-9 documentation for proper compliance.
Join Clatid to discuss the filing issues including deadlines, the e-filing mandate, and IRS penalties for late filing.
What You'll Learn
-2021 changes to Forms 1099-MISC and 1099-NEC - Information Guide, identification of reportable payments and payees
-The basic details, including who issue 1099s, what transactions are reportable, and who gets 1099
-Form 1099-K and its relationship with the 1099-MISC/1099-NEC
-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?
-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, or due diligence?
-Paying reimbursements to contractors: 1099 reportable or not
Why You Should Attend
Join our expert to review the changes to Form 1099 for 2021. This will include the introduction of a new form (Form 1099-NEC). You will learn to differentiate between an employee and a contractor.
As the IRS is now actively monitoring the compliance operations and penalties involved, this training will provide a detailed explanation on diligence procedures to avoid or mitigate penalties that the incorrect filing of Form 1099 MISC and Form 1099 NEC may result in. We'll also discuss their relationship with Form 1099-K. You will learn about the policies and procedures involved.
We will go through a guideline to use Form W-9 effectively. Will also discuss the IRS penalties and ways out of penalties in case of incorrect filings. By the end of this session, you will know how to respond to IRS notices.
-This Program, ID No. 570744, has been approved for 1.0 HR (General) recertification credit hours toward aPHR™, aPHRi™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™, and SPHRi™ recertification through HR Certification Institute®? (HRCI®).
-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.
Who Should Attend
You may ask your Question directly to our expert during the Q&A session.