Form 1099-MISC Year-End Compliance Update

On-Demand Schedule Sun, November 29, 2020 - Sun, December 06, 2020
Duration 60 Mins
Level Basic & Intermediate
Webinar ID IQW20K1112

  • Who must issue a 1099-MISC
  • What payments are reportable
  • Who receives a 1099-MISC
  • IRS penalties for not filing
  • How to get out of penalties
  • Form 1099-NEC
  • How to tell the difference between a contractor and an employee
  • The interaction between Form 1099-K and Form 1099-MISC
  • A brief discussion of rental activity and the Form 1099-MISC

Overview of the webinar

Determining w hen a Form 1099-MISC needs filed can be difficult, and IRS penalties can make the situation even more complicated. This course will cover how to navigate when a 1099-MISC needs issued, who to send a 1099-MISC to, and how to deal with potential penalties. We will also discuss how payments made with a credit or debit card do not need a 1099-MISC issued. Also covered will be a new form — Form 1099-NEC — that will be used starting in 2021 for contract labor payments.

Who should attend?

  • HR Professionals
  • Office managers
  • CFOs and controllers
  • Tax preparers
  • Accountants
  • Accounts payable and accounting managers
  • Accounts payable processing professionals
  • Employers and Business owners
  • Public accountants, CPAs and Enrolled Agents
  • Purchasing managers and professionals

Why should you attend?

  • Learn compliance tips for 2020 filings of Form 1099-MISC
  • Learn about major changes coming to the reporting of independent contractor pay, including a new form to use for 2021
  • Learn about the interaction between Form 1099-K and Form 1099-MISC, and how a 1099-MISC may not always need issued if the transaction falls under the 1099-K rules
  • Learn how to tell the difference between a contractor and an employee, and why it is important
  • Learn about the importance of Form W-9

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

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.

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

11-24-2020 - Form 1099-MISC Year-End Compliance Update.pdf
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