Form 1099-NEC & W-9 Updates: Stay Compliant with Changing Rules
The IRS is adding yet another form to your year-end to-do list.
In an effort to close the tax gap with independent contractors working at businesses nationwide, the IRS is dusting off and upgrading a form it hasn't used since 1982: Form 1099-NEC.
So why now, and what does it mean for your organization?
This time-consuming reporting obligation can be streamlined in a few ways.
Join us for our workshop. You’ll learn how to correctly report non-employee compensation to your independent contractors and how to ensure your records will stand the scrutiny of an IRS Third Party Documentation and Reporting Audit.
You’ll walk away equipped with everything you need to:
- Quickly and efficiently analyze your vendors to determine which require 1099 reporting
- Complete the forms to document your independent contractor as reportable or non-reportable
- Comply with required governmental reporting of Independent Contractors
- Adhere to guidelines for proper use of Form 1099-NEC
- And more!
Ensure total compliance when handling a variety of new reporting requirements
- Understand when to use which Form 1099
- Avoid receiving B-notices from IRS
- Apply the rules regarding IRS reporting on payments to Independent Contractors
Get answers to pressing questions about what you need to file and when
- What if a vendor or service provider refuses to supply a W-9?
- When do I use a 1099 NEC instead of 1099 MISC?
- How do I avoid the IRS CP-2100 (B-Notices)?
- How can I minimize risk of improper exemption claims by my vendors?
Navigate IRS rules with confidence
- When the revised 1099 NEC applies
- Rules regarding IRS reporting on payments to independent contractors
- What to do when a vendor claims exemption from reporting
- Best practices for complying with IRS rules
About the Speaker
Miles Hutchinson is a CGMA, experienced businessman, professional speaker, and consultant. His previous career experience includes being an auditor and the CFO of a $1 billion real estate development company. He’s presented over 2,500 seminars and training sessions on a myriad of business and financial topics, including financial modeling and analysis, accounting, and strategic planning. He’s an expert in payroll and business strategy and he has authored several useful accounting and tax tools.
Learn the best practices that will ensure your records will stand the scrutiny of an audit. Build your best defense against the 972-CG “Notice of Proposed Penalty” letter - and avoid the onerous penalties for noncompliance.
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!
This program has been approved for 1 (HR (General)) recertification credit hour toward aPHRTM, aPHRiTM, PHR®, PHRca®, SPHR®, GPHR®, PHRiTM and SPHRiTM recertification through the HR Certification Institute. Learn more at hrci.org