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Form 1099 Update 2021: Latest Forms, Rules and Reporting Regulations

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Duration :

Course Description:

This 90 minute webinar on "Form 1099 Update 2021: Latest Forms, Rules and Reporting Regulations" will cover the latest updates for Form 1099-MISC, as well as the new version of Form 1099-NEC. It will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines.

         The webinar will cover filing due dates, penalties for late filed and late furnished returns. It will also discuss the various ways to prevent and mitigate penalties including the safe harbor provisions for de minimis dollar amount errors and the important “reasonable cause” defense. It will also cover steps that can be taken to prevent penalties such as taxpayer identification number verification, backup withholding, handling B-notices, filing procedures and correcting errors.

Why should you Attend?

The IRS is actively targeting enforcement measures on accounts payable operations. Penalties for non-compliance are now indexed and increase each year. It is more important than ever that 1099 Forms be prepared correctly, filed and furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties.

         In order to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients in order to be on-time, which information to include and how to make sure it is accurate, how and when to make corrections, how to avoid or mitigate errors, whether a particular payee is subject to backup withholding, or transaction reporting, and the due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.

Areas Covered:

  • Information Returns: 2021 update to Form 1099-MISC; Resurrection of Form 1099-NEC
  • Information Returns: What they are and using the Guide to Information Returns
  • Forms 1099-MISC, 1099-NEC and 1096: Identification of reportable payments and payees
  • Common 1099 errors - how to prevent them and how to correct them
  • Taxpayer identification number basics: Which number to use
  • Form W-9: documentation that establishes reportable and non-reportable payees
  • Due diligence procedures avoid or mitigate penalties
  • How to handle missing or incorrect payee tax ID numbers
  • "B" notice procedures: When to issue and how to follow-up
  • Using the IRS TIN verification system to avoid IRS notices
  • Backup withholding requirements and procedures
  • Penalties for late or incorrect 1099 Forms
  • Procedures and policies that establish "reasonable cause" and avoid penalties

Who will benefit?

This webcast will be of a valuable assistance to the below audience.

  • 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

Registration Options



Max 5 participants from a single location with 1 Dial-in.


Max 10 participants from a single location with 2 Dial-in.


Avail 12 months unlimited access for a single user.


Material shipped within 15 days post webinar completion & get life time access for unlimited participants.



Avail recording + Attend live session for a single participant.


Unlimited participants for max 5 locations.


Tags


Form 1099, Form 1099-MISC, W-9, W-8, Form 1099-errors, SSN, EIN, TIN

Speaker Details

Patrick A Haggerty

Patrick A Haggerty

Tax & Payroll Consultant, Taxpayer Representative, Educator and Author

Patrick Haggerty is Keynote Speaker at ComplianceTrain. 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

Refund Policy



Participants/Registrants for our live events, may cancel up to 72 hours prior to the start of the live session and ComplianceTrain will issue a letter of credit to be used towards any of ComplianceTrain's future events. The letter of credit will be valid for 12 months.

ComplianceTrain will process refund in cases where the event has been cancelled and is not rescheduled within 90 days from the original scheduled date of the webinar. In case if a live webinar is cancelled, participants/registrants may choose between recorded version of the course or a refund. Refunds will not be processed to participants who do not show up for the webinar. A webinar may be cancelled due to unavoidable circumstances, participants will be notified 24 hours before the scheduled start of the event. Contact us via email: admin@ComplianceTrain.com