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IRS FORM 1099 REPORTING REQ. including updates on FORM 1099-NEC (LATEST 2020)

  • AFSP
  • CPA (US)
  • CVA
  • EA
  • Tax Preparer
  • CTEC
  • CFE
IRS FORM 1099 REPORTING REQ. including updates on FORM 1099-NEC (LATEST 2020)

2 Credits

FREE

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00304-20-O)

2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0311)

2 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00304-20-O)

2 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-U-00304-20-O)

2 CE credit of Tax Planning for all CFPs (CFP Board Approved : 8061) (Approval No. 273860)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Course Description

Any business – regardless of its structure (sole proprietor, corporation, etc) that makes "reportable transactions" during the year is requires to issue 1099 to the recipient of income and to the IRS. Form 1099-MISC compliance is a surprisingly complicated compliance requirement for businesses and accountants. The requirements are always changing, and answers are seldom clear-cut. This course will de-mystify some of the tricky areas relating to Form 1099-MISC, such as when 1099 should be issued and whether a worker is a contractor or an employee. 

This webinar includes the latest update on  Form 1099-NEC which is being Resurrected by IRS & it will be used to report payments made to independent contractors. 

In order to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients in order to be on-time, which information to include and how to make sure it is accurate. The attendees of the webinar would learn : 

  • What constitutes a reportable transaction?
  • What are the rules regarding paying and IRS reporting on Independent Contractors?
  • How do we avoid the IRS CP-2100 (B-Notices)? What if our vendor/payee claims exemption; must we obtain a W-9 anyway? 
  • What are the best practices for handling our information reporting obligations?
  • How can we minimize risk of improper exemption claims by our payees and vendors? 
  • Different due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.
This webinar is recommended for everyone professional in Accounting industry including Bank Managers, Compliance Officers, Information Reporting Officers, Tax Managers, CFOs, Controllers, Accounting Managers, Auditors, IT Managers, Compliance Managers, Risk Managers or every profesional & team member in accounting practice.

Learning Objectives

  • Why file a Form 1099? & Who must issue a 1099?
  • To identify the rules requiring W-9 documentation and 1099 reporting for various types of forms.
  • To recognize how to establish the independent contractor relationship with the right documentation.
  • To recognize the rules and keep your company in compliance
  • To identify that your records are correct and will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit

Who Should Attend?

  • Accountant
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Bookkeeper
  • Business Owner
  • CFO/Controller
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Cybersecurity Pros
  • Enrolled Agent
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Finance Pros
  • Non Profit Pros
  • Others
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Testimonial

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    [average] => 4.6581
    [no_of_record] => 3314
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4.7

(3314)
71%
25%
3%
1%
0%

MR

Really great course that anyone can relate to, whether you are a CPA, a contractor, a rental property owner or really - anyone! We all can be subject to 1099 filing requirements. It's very helpful material to understand.

MH

In presenting a program packed with useful, technical information, the speaker spoke in a fluent manner. The information was presented at a reasonable pace. I had no questions on the information presented. The displays were easy to read, very informative and answered any questions, which came to mind . The speaker was skilled in utilizing the displays in presenting the information of the webinar

CC

This was the best presentation of the year. No wasted time, presenters were excellent. The information was clear and questions were answered in a very professional manner. The presenter was great and her staff answered questions during the seminar providing insight to our everyday questions

CS

I found this course on "END OF YEAR PAYROLL CONSIDERATIONS FOR YOUR CLIENTS: W2, 1099 & K1 DISTRIBUTIONS" was interesting and the instructor was informative. I look forward to future subject/information along this line of material. Thank You!

CH

For those who need to know the fundamentals of classifying employees, this webinar is good place to start, The speaker very well presented the topics and did a great job at presenting the important pieces of information.

JL

This webinar was very informative on a subject that has had very little published about it - presented in a way that was easily understood. I've attended several of these webinars and they have all been VERY well done. I recommend them to anyone interested in learning more to help their clients.