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January 2022: Preparing for IRS Form 1099-NEC, 1099-MISC and 1099-K

 

The IRS has recently added 2 new payment fields (fields 17 and 18) to the 1099 form. As a result, the position of several existing fields will change on the following forms:

 

-1099R
-1099 MISC
-1099 NEC
-1099K

 

As this change is retroactive, if you are sending prior-year 1099s, you must use the new federal format. To help you understand it better, we bring to you a step-by-step guidance to understand the 2021 compliance aspects and updates for the new Form 1099-NEC, and the Form 1099-MISC. Learn how you can send your files to the IRS using the updated federal specifications.

You'll have your expert, Jason Dinesen, explain 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.

 

 


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.

 

 

 

Certifications 

-This Program, ID No. 583155, 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

-Business owners
-Office managers
-Controllers
-Bookkeepers
-Managers
-CFOs
-Accountants
 

You may ask your Question directly to our expert during the Q&A session.

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