Form1099 Revisions for 2020

Form 1099-NEC changed how contract labor is reported: nonemployee compensation now goes on Form 1099-NEC instead of Form 1099-MISC. This 60-minute webinar explains that change and the 1099 basics around it.

You'll learn who must file 1099s of any type, which transactions are reportable, who receives them, and how to handle medical and legal payments and reimbursements to contractors. The session covers how and when to file, penalties for late filing and how to fix errors. It also explains how to tell a contractor from an employee and why it matters, and how Form 1099-K interacts with other 1099s so that payments reported on a 1099-K are not reported again elsewhere.

• Report contract labor on Form 1099-NEC instead of Form 1099-MISC
• Determine who must file 1099s and which payments are reportable
• Handle medical payments, legal payments and contractor reimbursements
• File on time, correct errors and avoid late filing penalties
• Distinguish contractors from employees
• Apply the Form 1099-K rules so payments are not double reported

• Form 1099-NEC
• Who must file 1099s of any type
• Which transactions are reportable
• Who receives 1099s
• Medical payments and legal payments in more depth
• Filing issues: how and when to file, and penalties for late filing
• Fixing errors
• Contractor vs employee: how to tell the difference and why it matters
• Reimbursements to contractors
• Form 1099-K and how it interacts with other 1099s

Using the wrong form, missing a deadline or misclassifying a worker can lead to penalties. This session walks through the rules and common problem areas so you can report correctly, stay compliant and avoid penalties.

It suits business owners, bookkeepers, office managers and accountants who prepare or oversee 1099 filings.

• Business Owners
• Bookkeepers
• Office Managers
• 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