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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 important changes to the filing due dates and the new safe harbor requirements for de minimis dollar amount errors. It will also cover penalty provisions and exceptions to the penalties, due diligence procedures, exceptions to penalties including reasonable cause, common errors and correction of errors.
Changes in 1099 reporting requirements can be confusing and the IRS has recently made changes to reporting, error correction and filing due date requirements. Accounts payable professionals, managers and withholding agents need to be aware of the changes in order to avoid non-compliance and penalties. Penalties for non-compliance have recently been increased. 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.