Due Diligence steps for Form 1099

Form 1099 due diligence protects issuers from penalties, even when a form turns out to contain incorrect information. This 90-minute webinar covers Form 1099-MISC, reporting requirements for different payments and payees, filing and withholding requirements, and reporting guidelines.

You'll review changes to filing due dates and the safe harbor for de minimis dollar errors, penalty provisions and exceptions including reasonable cause, common errors and how to correct them. The session also covers W-9 procedures, TIN solicitation and verification through the IRS TIN Matching Program, B notices, backup withholding, payment card rules and documenting independent contractors.

• Follow W-9 procedures and use the IRS TIN Matching Program
• Identify reportable payments and payees and when a Form 1099 is required
• Know when to furnish and file information returns and apply the de minimis error rules
• Avoid and correct common 1099 errors
• Explain when to start and stop backup withholding and how to deposit and report it
• Issue and follow up on B notices
• Apply payment card rules and document contractors as reportable or non-reportable
• Establish reasonable cause and avoid payer penalties

• Reminders and recent changes
• Information returns and an overview of the Forms 1099
• A walk through Form 1099-MISC
• Reportable payments and payees
• Filing and furnishing due dates
• Correcting errors and the de minimis error safe harbor
• 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 their effect on 1099 reporting
• Penalties, exceptions and reasonable cause

IRS changes to reporting, error correction and due dates can be confusing, and penalties for non-compliance have increased. You need to know which form fits each transaction, when to file and furnish it, what to include, how to correct mistakes and when backup withholding applies.

This session suits CPAs, EAs and attorneys, accounts payable, tax, HR and accounting staff, CFOs and controllers, purchasing managers and business owners.

• CPA, EA, attorney, and staff
• Accounts payable
• Tax department
• 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

Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on accounting and bookkeeping services, tax preparation and business advising to individuals with a business focus ranging from home-based businesses to multistate corporations and not-for-profits. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College