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Form 1099 Update 2022: Latest Forms, Rules and Reporting Regulations

instructor
By: Patrick Haggerty
Recorded Session
Duration
120 Minutes
Training Level
Intermediate to Advanced

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Transcript

Recorded Session

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Webinar Details

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.
The webinar will cover filing due dates, penalties for late-filed and late furnished returns, various ways to prevent and mitigate penalties including the safe harbor provisions for de minimis dollar amount errors and the important “reasonable cause” defense, and steps that can be taken now to prevent penalties such as taxpayer identification number verification, backup withholding, handling B-notices, filing procedures and correcting errors.

WHY SHOULD YOU 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, and 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 recently released proposed regulations regarding the reduction of the e-filing thresholds for information returns. This session will provide the latest information available regarding the proposed regs and what to do to prepare for compliance with final regulations.

AREA COVERED

  • Information Returns: 2022 updates to Forms 1099-MISC and 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
  • 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" notices and backup withholding 
  • Penalties for late or incorrect 1099 Forms
  • 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 and professionals 
  • Public accountants, CPAs, and Enrolled Agents

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, and 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 recently released proposed regulations regarding the reduction of the e-filing thresholds for information returns. This session will provide the latest information available regarding the proposed regs and what to do to prepare for compliance with final regulations.

  • Information Returns: 2022 updates to Forms 1099-MISC and 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
  • 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" notices and backup withholding 
  • Penalties for late or incorrect 1099 Forms
  • Procedures and policies that establish "reasonable cause" and avoid penalties
  • 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

SPEAKER PROFILE

instructor

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.

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