1099-MISC Updates: Ensure Accurate Filing & Reporting for 2020
The 1099-MISC deadline is nearly upon us; however, with the updated 1099-NEC, many AP and payroll professionals are still scratching their heads on when to use which form.
The intent of the updated forms was to separate payments to service providers who are treated as independent contractors. But, the 1099-MISC has many more types of payments that need to be reported by businesses.
Join us, for a 60-minute workshop where we’ll clear up the confusion and go box by box on the revised 1099-MISC, so you remain compliant. Details will be provided on the payment types, minimum amounts, and recipients. Plus, we’ll clarify complex issues such as attorney’s fees, benefits, medical expenses, and more.
Participants will come away with a deeper understanding of both the 1099-MISC, and the 1099-NEC.
Join us as we cover:
- How to recognize when to use the 1099-MISC and when to use the 1099-NEC
- Best practices to ensure all payments get reported on their proper forms
- What types of attorneys’ fees need to be reported on any 1099
- The distinction between payments to employees and non-employees
Meeting Latest 1099-MISC Reporting Requirements:
- Updates as of 2020 and 2021 to the 1099-MISC
- Overview of the revised 1099-NEC and when to use it
- Box by Box description of the 1099-MISC
- Clarification on attorneys fees – what to report
- Benefits paid to employees vs independent contractors
- The relationship between 1099s and other information returns
- What types of cancelled debt need be reported
- Latest rules on employee expense reimbursement
After this workshop, participants will be able to :
- Review their systems for compliance, and prepare for stricter requirements in the future
- Implement procedures company-wide to promote easier year end reporting
- Inform 1099 recipients about what they can expect, and their obligations
- Train personnel on what 1099 reporting means to their departments and positions
We will address key questions employers are asking, including:
- What are the due dates for both forms?
- What is the rule of thumb for independent contractors who should be issued a 1099-MISC vs a 1099-NEC?
- What are the requirements for 1096s?
- What are the requirements for electronic filing?
About the Speaker
Mark Schwartz has over 15 years of experience in state and federal payroll tax audits, collections and payroll consulting.
- As an auditor, Mark prided himself on his ability to educate his auditees on state and federal payroll tax requirements. Whatever issues he found during audits, he ensured the auditees knew how to comply and avoid disruptions in the future.
- Mark has a Masters in Business Administration and now uses his entertaining, helpful personality to help organizations prepare for payroll tax audits - whether they've already gotten a notice or are still hoping they don't!
This information-packed event will walk you through form 1099-MISC box-by-box, clarify when to use the 1099-MISC and when to use the 1099-NEC, plus best practices to ensure you meet your reporting requirements and deadlines.
If you'd like this program customized for your organization, call us at 1-800-964-6033. We're certain we can fulfill your training needs, while making it fit in your budget!