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Form 1099 Compliance: How to Minimize Errors in 2017

Patrick Haggerty is Keynote Speaker at Ijona Skills. He is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars an........

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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 also cover important changes to the filing due dates and the new safe harbour requirements for de minimis dollar amount errors.

Why should you attend?

The regulatory landscape for Form 1099 compliance keeps shifting as Congress attempts to balance jobs growth with narrowing the tax gap and the IRS attempts to address fraud and identity theft issues involving information returns including 1099 Forms. Over the past decade a number of changes were written into the law and regulations. While some changes have been implemented and others have been repealed, all of them created compliance challenges for businesses.
To prevent fraud involving information returns and false refund claims, the filing deadlines for certain 1099 Forms has been moved up. The IRS recognized the potential for an increase in the number of errors on filed 1099 Forms and has revised the de minimis error rules. In addition, penalties for non-compliance have been increased and are now indexed for inflation. 
Form 1099-MISC will be covered in detail. It presents a special set of reporting problems since it is used to report a number of types of payments with different requirements for each type of payment. 
For all information returns, the issuer must obtain correct tax identification information from recipients and, if required for a particular payee, withhold income tax from payments to that payee. These two processes involve soliciting and obtaining Forms W-9 and W-8 from payees, not only to obtain the information, but to establish due diligence and a reasonable cause penalty exception when things go wrong.

Areas Covered in the Session:

  • Penalties an problem.
  • Backup Withholding
  • TIN Verification
  • TIN Solicitation & "B" Notices
  • SSN, TIN, EIN
  • Correcting Errors
  • A walk through Form 1099-MISC
  • Information Returns
  • Reminders & What's New

Who can Benefit:

  • CFOs and controllers
  • Accounts payable and accounting managers
  • Accounts payable processing professionals
  • Employers and Business owners
  • Purchasing managers and professionals
  • Public accountants, CPAs and Enrolled Agents

Webinar Id: ISFPH004

Duration: 90 mins

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