Overview
This webinar will cover the essential reporting requirements for Forms 1099-MISC and 1099-NEC, focusing on accurate preparation and recent updates. Key topics include the latest filing methods for 2024 and beyond, changes in the electronic filing process, and an overview of reporting requirements for various types of payments and payees. We’ll discuss the IRIS (Information Return Intake System) portal, the FIRE (Filing Information Returns Electronically) system, and options for filing through third parties or paper forms. Additionally, this session will highlight withholding requirements, compliance best practices, and strategies for avoiding penalties.
Description
This comprehensive session will provide the latest insights into Form 1099-MISC and Form 1099-NEC reporting, covering critical aspects such as reportable payments and payees, withholding guidelines, and up-to-date filing methods. We’ll explore deadlines, penalties for late or incorrect filings, and best practices for mitigating these risks, including how to establish reasonable cause for penalty abatement.
The IRS is enhancing its technology and enforcement measures to narrow the tax gap, with penalties for non-compliance increasing annually. As a result, it's more important than ever to prepare, file, and furnish 1099 forms accurately and on time, while performing due diligence to mitigate potential penalties.
Practitioners will learn how to select the correct form for each transaction, meet filing deadlines, ensure information accuracy, and understand the process for correcting errors. We will also cover backup withholding rules, compliance procedures, and how to avoid penalties, even when the forms contain mistakes.
Additionally, this webinar will address the IRS’s recent changes, including the reduction in the e-filing threshold from 250 to 10 forms and updates on e-filing procedures. You’ll gain the tools needed to stay compliant with regulatory and technological changes for 2024 and beyond.
Learning Objectives
By attending this webinar, you will:
- Be prepared to file Forms 1099-MISC and 1099-NEC accurately.
- Understand the changes to electronic filing for 2024 and 2025.
- Know the deadlines for furnishing and filing returns.
- Identify reportable payments and payees, and when a 1099 is required.
- Learn about the IRIS system and how to obtain an IRIS Transmitter Control Code (TCC).
- Recognize common 1099 errors and how to avoid or correct them.
- Understand how Form W-9 helps in determining reporting requirements.
- Learn backup withholding requirements and "B" notices.
- Implement best practices like TIN solicitation and verification to avoid penalties for missing or incorrect vendor Tax ID numbers.
- Understand when payment card rules apply and how they affect 1099 reporting.
Why Should You Attend
With increased IRS enforcement and annual penalty adjustments, it is crucial to ensure that 1099 forms are prepared, filed, and furnished correctly and on time. This webinar will help practitioners stay compliant by teaching them how to select the appropriate form, meet deadlines, ensure data accuracy, correct errors, and follow due diligence procedures to avoid penalties.
The session will also provide an overview of the IRS’s latest regulations, including the reduction in the e-filing threshold and updates to filing methods. Attendees will leave equipped with the knowledge needed to prepare for regulatory changes and ensure compliance in 2024 and beyond.
Areas Covered
- 2024 updates to Forms 1099-MISC and 1099-NEC.
- Reporting and filing requirements for 2024 returns, due in 2025.
- Overview of Information Returns and the Guide to Information Returns.
- Reportable payments and payees for Forms 1099-MISC, 1099-NEC, and 1096.
- Common 1099 errors: prevention and correction.
- Taxpayer Identification Number (TIN) basics.
- Form W-9: identifying reportable and non-reportable payees.
- Due diligence procedures to avoid or mitigate penalties.
- Penalties for late or incorrect filings.
- Establishing "reasonable cause" to avoid penalties.
