Form 1099 -MISC and 1099-NEC Compliance and New e-Filing Requirements 2023

$0.00

Date: October 31, 2023 | Time: 01:00 PM (ET)
Duration: 90 Minutes | Speaker: Patrick A Haggerty, EA
Certification: SHRM & HRCI Credit – 1.5

*Not able to attend the live session on webinar date ? don’t worry ! purchase on-demand session and watch it whenever you want.

*After conducted the live webinar – you will get the on-demand session within 48 working hours on your registered email.

Overview

This webinar will cover the reporting requirements for Forms 1099-MISC and 1099-NEC with a focus on the details and proper preparation of the forms. It will also cover changes to the 2023 Forms and 2023/2024 and beyond electronic filing methods and requirements. This will include anticipated decreases in the e-file thresholds that will affect most filers and IRIS (Information Return Intake System) a new online portal for filing forms in the 1099 series. IRIS will not require users to obtain special software and will allow users to choose an electronic filing option. The webinar will also cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines, and best practices for compliance assurance and penalty avoidance.
 

Description

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

The webinar will touch on filing due dates, penalties for late-filed and late-furnished returns, best practices for the prevention and mitigation of penalties, and penalty exceptions. including how to establish reasonable cause for penalty abatement. 
 

Why attend

The IRS is beefing up technology and staff to enhance enforcement to reduce the tax gap including actively targeting enforcement measures on information reporting compliance. 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 in the process of finalizing regulations regarding the reduction of the e-filing thresholds for information returns and providing a new e-file portal (IRIS) that will enable filing returns without special software. This session will provide the latest information available regarding regulatory and technology changes and what you can do to prepare for compliance in 2023 and beyond. 
 

After this webinar, you will:

  • Be prepared for filing Form 1099 NEC and Form 1099-MISC
  • Be prepared for anticipated changes to electronic filing for 2023 forms filed in 2024
  • Know the due dates for furnishing and filing information returns
  • Identify reportable payments and payees. Know when a 1099 is required
  • Be aware of the IRIS system and how to apply for an IRIS Transmitter Control Code (TCC)
  • Be aware of common 1099 errors: Know how to avoid them and how to correct them
  • Understand how Form W-9 can assist in determining when a 1099 is required.
  • Be aware of backup withholding requirements and “B” notices
  • Be aware of best practices such as TIN solicitation and verification that can avoid or mitigate penalties for missing or incorrect vendor Tax ID numbers.
  • Know when the payment card rules apply and how 1099 reporting is affected
     

Areas Covered

  • Information Returns: 2023 updates to Forms 1099-MISC and 1099-NEC
  • Reporting and filing requirements for 2023 returns filed in 2024
  • Information Returns: What they are and using the Guide to Information Returns
  • Forms 1099-MISC, 1099-NEC, and 1096: Identification of reportable payments and payees
  • Common 1099 errors - how to prevent them and how to correct them
  • Taxpayer identification number basics: Which number to use
  • Form W-9: documentation that establishes reportable and non-reportable payees
  • Due diligence procedures avoid or mitigate penalties
  • Penalties for late or incorrect 1099 Forms
  • Procedures and policies that establish "reasonable cause" and avoid penalties
     

Who should attend

  • CFOs and controllers
  • Accounts payable and accounting managers
  • Accounts payable processing professionals
  • Employers and Business owners
  • Purchasing managers and professionals
  • Public accountants, CPAs, and Enrolled Agents

Ask your question directly from our expert during the Q&A session following the live event.

Speaker

Patrick A Haggerty, EA

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, and information return reporting.

Certification

Taxdu is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.50 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please portal.shrm.org.



This Program has been approved for 1.50 HR (General) recertification credit hours toward aPHR™, aPHRi™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™, and SPHRi™ recertification through HR Certification Institute®? (HRCI®).


 


Taxdu Courses and Webinar or any Education published “Articles & Materials” strictly follows the standards and guidelines of the Professional Credit / CEU Providers and Well Researched before publishment.

 

Taxdu doesn’t support any Fake – News, Articles, or Compliance updates; Our Industry Experts are highly verified and recognized, and their Pre-publishment is verified via our experts and fact-checkers.

FAQ's

How do I get enrolled for this webinar/course?

Sign up now on pedu.io. Visit pedu.io to discover a wide range of webinars from industry specialists. Tick on either ‘live webinar’ or ‘on-demand’, and simply click on ‘buy now’ to get enrolled.

Can I get somebody else enrolled for this course? If yes, how?

You can refer Pedu to anyone in your social circle. Explore your industry with your colleagues by getting them signed up on pedu.io today!

How can I access the live webinar?

Go for the topic of your keen interest on pedu.io. Tick on ‘live webinar’ and get enrolled! Easy registration, transparent transaction.

Can I attend the webinar without an internet connection?

You can request for an on-demand webinar that records the live webinar for you. After the webinar ends, you will have full access to the webinar’s recording.

What is an “On Demand”?

If you can’t attend the live webinar, simply go for the ‘on-demand webinar’ for the same price! Now, the live webinar recording will be saved in a cloud storage for you to access anytime from anywhere.

Will the transcript be a hard-copy or a soft-copy?

Pedu offer only soft copies of the webinars. It contains all the highlights as well as comprehensive descriptions of the webinar, so you never miss out a single detail.

Can I ask question(s) to the speaker?

At the end of each webinar, you have the opportunity to interact with your industry experts, where you will get answers to all your queries.

I missed the live webinar. What now?

Don’t worry, If you can’t join live webinar. Pedu has automatically send you On Demand on your registered mail id after conducting live webinar. So, you never miss out a single detail.


Isn’t it helpful?

Ask your question directly from our Customer Support Team.