Form 1099 : Latest Forms, Rules and Reporting Regulations

The IRS actively targets accounts payable operations, and penalties for information return errors are indexed and rise every year. This 90-minute Form 1099 compliance webinar covers how to prepare, file and furnish forms correctly and on time.

You'll walk through Form 1099-MISC, reporting requirements for different payments and payees, filing and withholding rules and due dates, including accelerated ones. The session explains the safe harbor for de minimis dollar errors, common errors and corrections, TIN basics and documentation, TIN solicitation and B notices, the IRS TIN verification system and backup withholding.

It also covers penalty provisions, due diligence and reasonable cause.

• Identify reportable payments and payees for Form 1099-MISC
• Meet filing and furnishing due dates
• Apply the de minimis error safe harbor and correct common errors
• Verify payee TINs and follow B notice procedures
• Start, stop, deposit and report backup withholding correctly
• Use due diligence and reasonable cause to avoid or reduce penalties

Reminders and changes

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

Information returns and Form 1099-MISC

• Overview of information returns and compliance resources
• Walk-through of Form 1099-MISC: reportable payments and payees
• Common 1099 errors and how to prevent and correct them

Taxpayer identification numbers

• SSN, TIN and EIN basics: which number to use
• Documentation for reportable and non-reportable payees
• TIN solicitation and due diligence for missing or incorrect TINs
• B notice procedures: when to issue and how to follow up
• Using the IRS TIN verification system

Backup withholding and penalties

• What backup withholding is, when to start and stop, and how to deposit and report
• Policies and procedures that establish reasonable cause and avoid penalties

To stay compliant, you need to know which form fits each transaction, when it must be filed or furnished, what information to include, how to correct mistakes and whether a payee is subject to backup withholding. Due diligence can shield you from penalties even when a form has errors.

This session suits CFOs and controllers, accounts payable and accounting managers and staff, employers, 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.