Form 1099-MISC 1099-NEC Compliance: How to Minimize Errors in 2021

Topic : Form 1099-MISC 1099-NEC Compliance: How to Minimize Errors in 2021

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Overview:
This webinar will focus on the latest updates for Forms 1099-MISC and 1099-NEC as well as expected updates to forms and processes for 2021. It will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines.

Areas Covered in the Session :

Information Returns: 2020 update to Form 1099-MISC; New Form 1099-NEC
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
Expected updates to forms and processes for 2021
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
How to handle missing or incorrect payee tax ID numbers
"B" notice procedures: When to issue and how to follow-up
Using the IRS TIN verification system to avoid IRS notices
Backup withholding requirements and procedures
Penalties for late or incorrect 1099 Forms
Procedures and policies that establish "reasonable cause" and avoid penalties

Speaker Profile :

Patrick Haggerty is Keynote Speaker at ComplianceKey. He is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice.

Contact Info :

Compliance Key

https://www.compliancekey.com/

Email : support@compliancekey.us

Phone : +1 717-208-8666