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.
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.
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.
Patrick Haggerty
Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.
Understanding the Artificial Intelligence Landscape
Establishing Appropriate Quality Metrics and Key Performanc…
Holiday Stress and Loss: The Art of Stress Resilience in E…
OSHA Requirements for Supervisors, Project Leaders & HR - W…
Is Your Culture Working For or Against Your Success? If You…
Ultimate Persuasion Strategies! - Secret Influence Tools & …
Using High-Performance Coaching for Managers to Address Per…
Excel - 10 Key Worksheet Functions to Skyrocket Your Produc…
Red flags that can render your OSHA Safety Program Complete…
The Human Element of Leadership in the Hybrid Work Experien…
Utilizing HR Metrics to Illustrate & Improve Human Resource…
Transform Data into Insights: A Beginners Guide to Excel Pi…
Project Management for administrative professionals
How to Navigate Political Speech in the Workplace
What If Analysis Tools in Excel: Goal Seek, Solver, and Dat…
Mastering Year-End Payroll and Tax Compliance for 2024
3-Hour Virtual Seminar on Chat GPT for Project Management i…
Eliminate Harmful And Unproductive Drama In The Workplace
How to Prepare For and Host a FDA Inspection and Respond to…
FDA Technology Modernization Action Plan (TMAP) and Impact …
Team Synergy: How to Harness Collective Intelligence to Max…
The Anti-Kickback Statute: Enforcement and Recent Updates
Excel - Pivot Tables - The Key To Modern Data Analysis and …
5 Key Components of Good Manufacturing Practices to obtain …
Successful Strategies for FDA Expedited Pathways for Your D…
The Power Of Trust In The Workplace- Improving Your Career …
Managing Toxic & Other Employees Who Have Attitude Issues
Onboarding is NOT Orientation - How to Improve the New Empl…
Building GMP Excellence: A Guide to Implementing Compliant …
Improving Employee Engagement & Retention Through Stay Inte…
Human Error Reduction Techniques for Floor Supervisors
Understanding cognitive load in medical device design
Excel Power Skills: Master Functions, Formulas, and Macros …
