Form 1099-MISC Compliance: How to Minimize Errors in 2019

On-Demand Schedule Sun, August 18, 2019 - Sun, August 25, 2019
Duration 90 Mins
Level Basic & Intermediate & Advanced
Webinar ID IQW19F0652

Reminders & What’s New

  • Changes to filing deadlines and affected returne
  • New de minimis exception for money errors
  • Increases in penalties for non-compliance

Information Returns

  • Overview of information returns
  • Resources for compliance

 A walk through Form 1099-MISC

  • Identification of reportable payments and payees

Correcting Errors

  • Common 1099 errors – how to prevent them and how to correct them

SSN, TIN, EIN

  • Documentation that established reportable and non-reportable payees
  • Taxpayer identification number basics: Which number to use

TIN Solicitation & “B” Notices 

  • Due diligence procedures avoid or mitigate penalties for missing or incorrect payee tax ID numbers
  • “B” notice procedures: When to issue and how to follow-up

TIN Verification

  • Using the IRS TIN verification system

Backup Withholdings

  • What it is 
  • When to start and when to stop
  • How to deposit and report

Penalties and problems

  • Procedures and policies that establish "reasonable cause" and avoid penalties 

Overview of the webinar

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.

Who should attend?

  • CFOs and Controllers
  • Accounts Payable and Accounting Managers
  • Accounts Payable Processing Professionals
  • Employers and Business Owners
  • Purchasing Managers 
  • Public Accountants, CPAs, and Enrolled Agents

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, 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 

Faculty - Mr. Patrick A. Haggerty

Patrick A. Haggerty is a tax practitioner, author, and educator. His work experience includes nonprofit 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 tax payers 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.

Credits

HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org

ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1.5] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.

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