Form 1099 Updates

OVERVIEW

Regardless of its structure (sole proprietor, corporation, etc.) that makes "reportable transactions" during the year, any business is required to issue a 1099 to the recipient of income and 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 the 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 the IRS & will be used to report payments made to independent contractors.

There are over 20 types of 1099s; this webinar will focus on the 2 most common types -- Form 1099-NEC and Form 1099-MISC -- while touching on many other types of forms. This webinar will cover a wide range of topics to help you and your clients stay in compliance with 1099 issues.

WHY SHOULD YOU ATTEND?

The 1099 form plays a critical role in tax reporting, compliance, and financial transparency by documenting income earned from sources beyond traditional employment wages and salaries. It is essential for both individuals and businesses to understand their obligations related to the 1099 form and to accurately report all income to the IRS.

To stay compliant, practitioners must know which form to use to report specific transactions when forms must be filed or furnished to recipients to be on time, which information to include, and how to make sure it is accurate.

LEARNING OBJECTIVES

• To identify filing thresholds for issuing 1099s.
• To explain how to determine payment amounts.
• To analyze when corporations receive 1099s.
• To identify the Form 1099-K exception to issuing 1099s.
• To review the requirements for sending 1099s to the recipient.
• To explore how to file 1099s with the IRS, including possible changes to the electronic filing threshold.
• To discuss when a business needs to file Form 1099-MISC.
• To analyze the usage of Form W-9.
• To review and discuss CP-2100 letters and B-Notices.
• To identify when a business needs to do backup withholding.
• To explain the basics of Form 1099-INT.
• To identify changes to various other 1099 forms.

AREAS COVERED

This Webinar covers the following Key Topics: 

• Issuing 1099s, part 1
• Issuing 1099s, part 2
• How to file
• Form 1099-MISC
• Form W-9
• CP-2100 Letters
• Backup withholding
• Form 1099-INT
• A quick rundown of what's new with other types of 1099s
• Live Q&A

TOPIC BACKGROUND

Staying informed about Form 1099 updates is essential for individuals and businesses to navigate the complexities of tax reporting, maintain compliance with regulatory requirements, and optimize financial management practices. By understanding the significance of Form 1099 updates, taxpayers can ensure accurate income reporting, mitigate compliance risks, and achieve greater financial transparency and stability.

ABOUT SPEAKER

Jason Dinesen (EA, LPA) is not just a tax expert; he's an entrepreneur and a leading presenter for continuing education courses. With a knack for decoding tax intricacies, he promptly shares the latest updates and IRS guidance. Over 200,000 professionals have benefited from his coaching, covering accounting, taxation, ethics, and more. Conducting webinars for a decade, he specializes in Form 1099, tax code nuances, payroll updates, and household-related tax issues. Beyond education, Jason teaches at Simpson College and anchors for Radio Iowa. An Iowa native with a corporate