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Most businesses know that they need to issue 1099s to contractors, but did you know that payment to your attorney is considered contract labor, and you send one even if the law firm is a corporation? There are times when you don't issue 1099s to contractors -- paying them with a credit card and paying with many (but not all) payment apps such as Venmo and PayPal.
Using Form W-9 is an effective compliance tool for this and many other issues you face when it comes to issuing 1099s (or not needing to issue 1099s). Besides, backup withholding is something that is not happening -- the IRS estimates that over 400,000 payments are made each year where backup withholding should be done where it is not being done. The IRS now tries to enforce backup withholding.
Join our taxation speaker, Mr. Jason Dinesen, on Clatid this January to learn the most important aspects relating to issuing 1099s for situations other than regular contract labor. We will discuss how to effectively use Form W-9. We will also define what backup withholding is and how to do it.
January 31st is the deadline for filing Form 1099-NEC to contractors, and is also the deadline (in most cases) for providing Form 1099-MISC to the recipient as well. This session will cover filing issues, such as how to file, when to file, and what the penalties are. We will also cover a topic that doesn't get a lot of coverage -- or thought -- and that is, e-mailing 1099s to the recipient. Something that seems so simple actually has a lot of requirements under the regulations, and we will cover those hoops you need to jump through per the regulations. We will also cover the things you need to do after filing the 1099s: fixing errors and dealing with IRS letters.
-How to send forms to your contractor or other recipient
-Filing with the IRS
-The e-file mandate
-Applying for extensions
-Penalties for late filing
-Correcting 1099s -- when to correct and when not to correct
-CP-2100 letters and B Notices
-When do corporations get 1099s
-Form 1099-K: using credit cards and payment apps to pay contractors
-Backup withholding: when to do it and how to do it
-Effective use of Form W-9 for compliance
-In-depth on medical payments and legal payments
-Business owners
-Office managers
-Controllers
-Bookkeepers
-Managers
-CFOs
-Accountants
-EAs
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 1.5 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please portal.shrm.org.
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