New Form 1099: Rules and Reporting Regulations- 2020

This webinar will cover the latest updates for Form 1099-MISC, specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines.

It will cover filing due dates including the accelerated due dates for 1099-MISC Forms with an entry in box 7, and the safe harbor requirements for de minimis dollar amount errors. It will cover penalty provisions due diligence procedures, and exceptions to penalties including reasonable cause, common errors, and correction of errors.

Why you should Attend

The IRS is actively targeting enforcement measures on accounts payable operations. Penalties for non-compliance are now indexed and increase each year. It is more important than ever that 1099 Forms be prepared correctly, filed and furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties.

In order to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients in order to be on-time, which information to include and how to make sure it is accurate, how and when to make corrections, how to avoid or mitigate errors, whether a particular payee is subject to backup withholding, or transaction reporting, and the due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information

Areas Covered in the Session

Reminders & What's New

Changes to filing deadlines and affected returns

New de minimis exception for money errors

Increases in penalties for non-compliance

Information Returns

Overview of information returns

Resources for compliance

A walk through Form 1099-MISC

Identification of reportable payments and payees

Correcting Errors

Common 1099 errors - how to prevent them and how to correct them

SSN, TIN, EIN

Taxpayer identification number basics: Which number to use

Documentation that established reportable and non-reportable payees

TIN Solicitation & "B" Notices

Due diligence procedures avoid or mitigate penalties for missing or incorrect payee tax ID numbers

"B" notice procedures: When to issue and how to follow-up

TIN Verification

Using the IRS TIN verification system

Backup Withholding

What it is

When to start and when to stop

How to deposit and report

Penalties and problems

Procedures and policies that establish "reasonable cause" and avoid penalties

Who Will Benefit

CFOs and Controllers

Accounts Payable and Accounting Managers

Accounts Payable Processing Professionals

Employers and Business Owners

Purchasing Managers

Public Accountants, CPAs, and Enrolled Agents

Event link : https://www.traininng.com/webinar/-201321live?townscript-SEO 

Contact Info

Traininng.com LLC

Email: traininngdotcom@gmail.com

Phone: US: (510) 962-8903

Phone: Zurich: +41 - 43 434 80 33

Website : https://www.traininng.com