Form 1099 Compliance Changes for 2020

Duration 60 Mins
Level Intermediate
Webinar ID IQW20H0828

  • What’s new — the new Form 1099-NEC
  • The basics, including who issues 1099s, what transactions are reportable, and who gets 1099
  • Form 1099-MISC changes for 2020
  • Due dates
  • Penalties and ways out of penalties
  • Using Form W-9 for better compliance
  • TIN verification
  • IRS letters and how to respond
  • Backup withholding
  • Employee vs. contractor: why it’s important and how to tell the difference
  • Paying reimbursements to contractors: 1099 reportable or not?
  • Form 1099-K and its interaction with the 1099-MISC/1099-NEC

Overview of the webinar

This course will explain the changes relating to Form 1099-MISC for 2020, in particular the changes to how contract labor pay is reported. The IRS has created a new form, called Form 1099-NEC, where contract labor pay will be reported. We will cover these changes, as well as how to tell the difference between a contractor and an employee; due dates; penalties; and how Form 1099-K interacts with the 1099-MISC and 1099-NEC.

Who should attend?

  • Business owners
  • Managers
  • Office managers
  • Bookkeepers
  • CFOs
  • Controllers
  • Accountants

Why should you attend?

Learn about the Form 1099 changes for 2020 to make sure you understand your reporting obligations, report contract labor pay correctly and avoid compliance penalties.

Faculty - Mr. Jason Dinesen

Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College. He started his practice in 2009.

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] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.

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