Due Diligence steps for Form 1099

This 90-minute Form 1099 due diligence webinar covers updates to Form 1099-MISC, reporting rules for different payments and payees, and filing, withholding and reporting requirements. It explains changes to filing due dates and the safe harbor rules for de minimis dollar errors.

You'll work through Form 1099-MISC, SSNs, TINs and EINs, W-9 procedures, TIN solicitation and verification, the IRS TIN Matching program, backup withholding, and B notices, including when to issue them and how to follow up.

The session also covers penalty provisions and exceptions, how to establish reasonable cause, common errors and how to correct them, payment card rules, and how to document whether an independent contractor is reportable.

• Identify reportable payments and payees and know when a 1099 is required
• Know when to furnish and file information returns and apply the de minimis error rules
• Use W-9 procedures and the IRS TIN Matching program
• Manage backup withholding and B notices from start to finish
• Avoid and correct common 1099 errors
• Document independent contractors as reportable or non-reportable
• Establish reasonable cause and build best practices to avoid penalties

• Reminders and what has changed
• Information returns and an overview of the various Forms 1099
• A walk-through of Form 1099-MISC
• Correcting errors and the de minimis error rules
• SSN, TIN and EIN
• W-9 procedures
• TIN solicitation and B notices
• TIN verification and the IRS TIN Matching program
• Backup withholding
• Payment card rules and 1099 reporting
• Penalties, problems and reasonable cause

The IRS has changed reporting, error correction and due date rules, and penalties have gone up. Practitioners must know which form to use, filing deadlines, how to keep data accurate, when to correct errors, when backup withholding applies and which due diligence steps protect an issuer even when forms contain errors.

It suits CPAs, EAs, attorneys, AP, tax, HR and accounting staff, CFOs, controllers, purchasing managers and business owners.

• Specifically CPA, EA, Attorney and staff
• CPA, EA, Attorney & staff
• Accounts Payable
• Tax Departments
• Human Resources
• Construction Managers. 
• 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 Agent

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.