Overview
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.
Why you should 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
Areas Covered in the Session
Reminders & What's New
Changes to filing deadlines and affected returns
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
Taxpayer identification number basics: Which number to use
Documentation that established reportable and non-reportable payees
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 Withholding
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
Who Will Benefit
CFOs and Controllers
Accounts Payable and Accounting Managers
Accounts Payable Processing Professionals
Employers and Business Owners
Purchasing Managers
Public Accountants, CPAs, and Enrolled Agents
Event link : https://www.traininng.com/webinar/-201321live?ticketleap-SEO
Contact Info
Traininng.com LLC
Email: [email protected]
Phone: US: (510) 962-8903
Phone: Zurich: +41 - 43 434 80 33
Website : https://www.traininng.com