Form 1099- MISC Compliance, Due Diligence, Reporting Requirements - Latest Updates

Form 1099-MISC rules cover many payment and payee types, and the IRS has changed reporting, error correction and due date requirements. This 90-minute Form 1099-MISC compliance webinar explains the reporting, filing and withholding rules you need to follow.

You'll walk through the form, identify reportable payments and payees, and review filing deadlines, including accelerated due dates, along with the safe harbor for de minimis dollar errors.

The session also covers taxpayer ID basics, TIN solicitation and verification, B notices, backup withholding, how payment card rules affect 1099 reporting, common errors and corrections, penalty increases, and the due diligence and reasonable cause procedures that help you avoid penalties.

• File and furnish information returns on time under current requirements
• Apply the de minimis error rules
• Identify reportable payments and payees and know when a 1099 is required
• Avoid and correct common 1099 errors
• Manage backup withholding from start to deposit and reporting
• Follow due diligence and B notice procedures for missing or incorrect TINs
• Document independent contractors as reportable or non-reportable
• Establish reasonable cause policies that avoid penalties

Reminders and what's new

• Changes to filing deadlines and affected returns
• De minimis exception for dollar errors
• Increases in penalties for non-compliance

Information returns

• Overview of information returns
• Resources for compliance
• A walk through Form 1099-MISC
• Identifying reportable payments and payees
• When payment card rules apply and how they affect 1099 reporting

Correcting errors

• Common 1099 errors: how to prevent and correct them

SSN, TIN and EIN

• Taxpayer identification number basics: which number to use
• Documentation that establishes reportable and non-reportable payees, including independent contractors

TIN solicitation and B notices

• Due diligence procedures that avoid or reduce penalties for missing or incorrect TINs
• B notice procedures: when to issue and how to follow up

TIN verification

• Using the IRS TIN verification system

Backup withholding

• What it is
• When to start and stop
• How to deposit and report

Penalties and problems

• Procedures and policies that establish reasonable cause and avoid penalties

Accounts payable staff and withholding agents must know which form to use, when to file and furnish it, how to keep information accurate, when backup withholding applies, and which due diligence steps protect the issuer even when a form has errors.

This session suits CFOs and controllers, AP and accounting managers and staff, employers and business owners, purchasing professionals, public accountants, CPAs and enrolled agents.

• CFOs and controllers
• Accounts payable and accounting managers
• Accounts payable processing professionals
• Employers and Business owners
• Purchasing managers and professionals 
• Public accountants, CPAs and Enrolled Agents

Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.