Description
RECORDED TRAINING COURSE
Irrespective of its organizational structure (sole proprietorship, corporation, etc.), every business engaged in “reportable transactions” throughout the year is obligated to issue a 1099 to both the income recipient and the IRS. Achieving Form 1099-MISC compliance poses a surprisingly intricate challenge for businesses and accountants. The requirements undergo continual changes, and definitive answers are rarely straightforward. This course aims to demystify complex aspects associated with Form 1099-MISC, such as determining when to issue the 1099 and distinguishing between contractors and employees.
This online course encompasses the latest update on Form 1099-NEC, which the IRS has revived for reporting payments to independent contractors.
With more than 20 types of 1099s available, this webinar concentrates on the two most prevalent types — Form 1099-NEC and Form 1099-MISC — while briefly addressing various other forms. The webinar explores a diverse array of topics, providing insights to ensure both you and your clients remain compliant with 1099-related matters.
To uphold compliance, practitioners need to be well-versed in selecting the appropriate form for reporting specific transactions, meeting filing deadlines, furnishing forms to recipients promptly, determining necessary information, and ensuring its accuracy.
SESSION HIGHLIGHTS:
- What is 1099?
- Who gets the 1099?
- When do corporations get 1099s?
- A review of medical payments and legal payments
- How to file 1099s? NEW – the electronic filing mandate for 2023 forms
- Form 1099-K updates and interactions with the 1099-NEC
- Form W-9 updates and discussion
- CP-2100 letters
- Backup withholding
- Dealing with reimbursements to contractors
- Who exactly is a contractor?
- Discussion of Form 1099-MISC
- Discussion of Form 1099-INT and 1099-C, and other forms as time allows
Why You Should Attend:
This webinar will provide comprehensive coverage of the latest updates critical for businesses concerning the 1099-NEC and 1099-MISC. Notably, it will delve into alterations introduced by the American Rescue Plan affecting Form 1099-K and subsequently impacting the 1099-NEC and 1099-MISC. The session will also address pertinent topics, including the reporting of payments made to contractors via platforms like Venmo. Fundamental aspects such as the definition of a 1099 and its recipients will be clarified.
Moreover, the webinar will shed light on the distinctions between “medical payments” and “legal payments.” A crucial aspect to be discussed is the electronic filing mandate, which has undergone changes for 2023. The session will elaborate on the new requirements associated with filing forms with the IRS and provide insights into how businesses can successfully adhere to the mandate.
Who Should Attend:
- Accountants
- Tax preparers
- Human resources professionals
- Payroll professionals
Note: You will get access to the Recording link and E-Transcript; in your account and at your registered email address.
Jason Dinesen serves as the President of Dinesen Tax & Accounting, P.C., a reputable public accounting firm located in Indianola, Iowa. His professional expertise revolves around providing comprehensive accounting and bookkeeping services, offering adept tax preparation solutions, and delivering valuable business advice. Dinesen’s clientele spans from individuals operating home-based businesses to expansive multistate corporations and not-for-profit organizations.
