RECORDED TRAINING COURSE
This course will cover compliance aspects relating to the new Form 1099-NEC, and Form 1099-MISC. We will start by discussing the basics of 1099s including who must file, which transactions are reportable, and who receive 1099. We will then discuss due diligence steps for determining who is a contractor vs. who is an employee, and how to effectively use Form W-9. We will also discuss filing issues including due dates, the e-filing mandate, penalties for late filing, and how to reply to CP-2100 notices from the IRS regarding mismatches in taxpayer identification numbers.
- The basics, including who, issue 1099s, what transactions are reportable, and who gets 1099
- Form 1099-MISC and 1099-NEC changes
- Employee vs. Contractor: why it’s important and how to tell the difference
- Using Form W-9 for better compliance
- TIN verification
- IRS letters and how to respond
- Backup withholding
- Paying reimbursements to contractors: 1099 reportable or not
- Form 1099-K and its interaction with the 1099-MISC/1099-NEC
Why You Should Attend:
Learn about changes to the Form 1099 for 2020, including the introduction of a new form (Form 1099-NEC), how to tell the difference between an employee and a contractor, how to use Form W-9 effectively, IRS penalties and ways out of penalties, and how to respond to IRS notices
Who Should Attend:
- Business owners
- Office Managers
Note: You will get access to the Recording link and E-Transcript; in your account and at your registered email address.
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.