Regardless of its structure (sole proprietor, corporation, etc.) that makes “reportable transactions” during the year, any business is required to issue a 1099 form to the recipient of income and the IRS. IRS Form 1099-MISC compliance is a surprisingly complicated compliance requirement for businesses and accountants. The requirements are always changing, and answers are seldom clear-cut. This course will demystify some of the tricky areas relating to Form 1099-MISC, such as when the 1099 form should be issued and whether a worker is a contractor or an employee.
This Online course includes the latest update on Form 1099-NEC which is being Resurrected by IRS & will be used to report payments made to independent contractors. Independent Contractors receive Form 1099 instead of IRS Form W-2. Form W-9 will also be discussed. Although, many don’t understand or underestimate the power of Form W-9.
Form W-9 is a simple form also known as Request for Taxpayer Identification Number and Certification Number. The speaker will expel the myth around the form.
There are over 20 types of 1099s; this webinar will focus on the 2 most common types — Form 1099-NEC and Form 1099-MISC — while touching on many other types of forms. This webinar will cover a wide range of topics to help you and your clients stay in compliance with 1099 form issues.
To stay compliant, practitioners must know which form to use to report specific transactions when forms must be filed or furnished to recipients to be on time, which information to include, and how to make sure it is accurate.
