Description 

This training will cover the most-common questions businesses and accountants have about 1099s. The questions are gleaned through examining hundreds of question submissions in live webinars, e-mails, and forums. This 60-minute session will pick the most-common questions and attempt to answer them, while also leaving time for discussion and even more “live” questions from the audience. In this webinar, we'll unravel Form 1099-NEC for independent contractors, delve into Form 1099-MISC for various payments, and demystify Form 1099-K for transactions via apps like PayPal and Venmo. We'll address IRS scrutiny, and rising penalties for incorrect filings, and guide you with practical examples of navigating complexities, emphasizing backup withholding and the critical $600 reporting threshold. Gain insights into essential strategies for compliance, focusing on effective policies and meticulous record-keeping.

IRS enforcement of 1099 reporting requirements is increasing, and penalties apply for failure to issue 1099 when you should have. This webinar will answer your questions about situations where 1099 reporting is required - specifically Forms 1099-NEC and 1099-MISC.

Learning Objectives:

After Participating in this webinar, attendees will be able to:

• Understand the surprising complexity that can arise from the humble Form 1099
• Understand the answers to a variety of common questions people have about Form 1099
• Review the current issues of compliance for 1099-NEC and 1099-MISC and avoid penalties
• Discuss on W-9 backup withholdings, the importance of W-9 collection to clients
• Analyze the limitations of third-party payment apps and educate clients on these issues

Area Covered in this session:

• New Form W-9 Draft
• Current Case Studies and backup withholding
• Questions asked by fellow professionals
• Employee Legal Settlement

Why you should Attend

Dealing with 1099s is not an easy task and it leads to many questions and doubts, particularly withtheIRS changing requirements and the fines faced by organizations found in non-compliance from recent court cases. This webinar will clarify your doubts and will also give you the opportunity to ask your current questions to resolve pressing issues for your organization and your clients.

Who Should Attend

• Accountants and CPAs
• Tax Preparers
• Bookkeepers
• Enrolled Agents and Office Managers
• Small Business Owners and Entrepreneurs