IRS Form 1099 MISC and W-9 Compliance Updates for 2020
About this Webinar
For years, businesses reported payments to contractors in box 7 of the 1099-MISC. Starting in 2020, this is changing; contract-labor payments will now go on the Form 1099-NEC. We will discuss this new form as well as changes to the 1099-MISC in light of this new form being rolled out. Other topics covered include penalties and how to get out of penalties; using Form W-9 for compliance; how to tell the difference between a contractor and an employee; how to deal with reimbursements to contractors.
This webinar will cover changes in the 1099 world for 2020. For the first time in many years, significant changes are coming to the Form 1099-MISC, in particular with how contract labor pay is reported. Businesses will no longer use the 1099-MISC to report contract labor pay, but will instead use Form 1099-NEC, a form last seen in 1982 that is being brought back into use by the IRS.
Session Highlights
- An overview of the new 1099-NEC
- Who needs to file 1099s
- What payments are reportable
- 2020 changes to the 1099-MISC
- Filing 1099s with the IRS, including due dates and the e-filing mandate
- Penalties for late filing
- Getting out of penalties
- Form CP-2100 letters: what they are and how to respond
- How to tell the difference between a contractor and an employee
- Using Form W-9 for compliance
- Line-by-line through the W-9
- Other compliance tips
- How Form 1099-K interacts with the 1099-MISC and 1099-NEC
Why You Should Attend
In this Webinar, you will Learn the rules requiring W-9 documentation and 1099 reporting of self-employment compensation to your independent contractors. Ensure that your records will stand the scrutiny of an IRS Third Party Documentation and Reporting audit. Build the best defense against the 972-CG “Notice of Proposed Penalty” letter and avoid the onerous penalties for noncompliance.
Who Should Attend
- HR Professionals/Managers
- CFOs and controllers
- Tax preparers
- CPA
- Public Accountants
- Accounting managers
- Accounts payable processing professionals
- Employers and Business owners
- CPAs and Enrolled Agents
- Purchasing managers and professionals
Speaker(s)
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.
CEUs
The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.
Credits: 1.5
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