IRS Form 1099 Reporting 2020: Compliance Requirements
Duration: 60 Minutes
Faculty: Jason Dinesen Level: Intermediate Course ID: 1143
Form 1099-MISC compliance is a surprisingly complicated compliance requirement for businesses and accountants. The requirements are always changing, and answers are seldom clear-cut. This course will de-mystify some of the tricky areas relating to Form 1099-MISC, such as when 1099 should be issued and whether a worker is a contractor or an employee. The main focus of this presentation is on “box 7” (independent contractor pay) but we cover other 1099-MISC topics as well.
Why should you Attend:
You will learn what the 1099-MISC is. You will learn who is required to file and how to file. Also how to gather information from contractors and interaction between Form 1099-MISC and Form 1099-K. Join this session by expert speaker Jason Dinesen, where he will go through the difference between an independent contractor and an employee, and why is it important to classify workers properly?
- Introduction about 1099s/basic overview
- Who files a 1099-MISC
- Who receives a 1099-MISC
- When do corporations get a1099-MISC
- Medical services and Form1099-MISC
- Employee vs. Contractor:
- Why is this important and how do you tell the difference?
- Dealing with reimbursements to contractors
- Form W-9 and why it is important, and how it relates to the 1099-MISC
- Backup withholding
- IRS notices
- Due dates, how to file with the IRS, and penalties for late filing
- Form 1099-K and its interaction with the 1099-MISC
- Rental property and Form1099-MISC
- Discussion of whether or not a business can issue a Form 1099-C (cancelation of debt) to clients who fail to pay invoices
- Is software as a service (SAAS) a royalty payment (box 2 of Form 1099-MISC) or rent payment (box 1 of Form 1099-MISC)?
- Expanded discussions on many topics including the interaction between Form 1099-K and Form 1099-MISC, penalties, and whether or not rental owners need to issue 1099-MISC
Who Will Benefit:
- HR Personnel
- Office Managers
- CFOs and Controllers
- Tax preparers
- Accounts Payable and Accounting Managers
- Accounts Payable Processing Professionals
- Employers and Business owners
- Public Accountants, CPAs, and Enrolled Agents
- Purchasing Managers and Professionals