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1099s including the new form 1099-NEC What payments are Reportable and when are they Due

Monday,
December 14, 2020
Time:
10:00 AM PST | 01:00 PM EST
Duration:
75 Minutes
Webinar Id:
703426
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Live Version

$145. One Participant
$295. Group Attendees

Recorded Version

$195. One Participant
$395. Group Attendees

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Live + Recorded
$289 $340   One Participant

Live + Recorded
$599 $690   Group Attendees

Group Attendees: Any number of participants

Recorded Version: Unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)

Overview:

1099s report payments made to non-employee service providers, as well as payments to suppliers and other entities you do business with.

Think of your own organization, can you name all the types of service providers you use? Do you know which payments are reportable on 1099s, and the minimum amounts you must pay before they are reportable? There is a new 1099-NEC for tax year 2020 that replaces the box 7 payments of the 1099-MISC.

The threshold for a 1099-NEC is low - only $600 - that requires you report these payments to the IRS, so they can match them against the other party's tax return.

The deadline to get these to payees, and to the IRS, is now MUCH sooner than it used to be. Also, things like backup withholding and other requirements can make this more complex than it needs to be.

Why you should Attend: After attending this webinar, you will be able to:
  • How to develop an efficient Form 1099 reporting process
  • Best practice to minimize penalties using proper policies and procedures that work under new rules
  • How to determine if a worker is an independent contractor or an employee
  • Form 1099 relationship to B-Notices (CP2100) and TIN Penalty Assessments (972CG)

And much more

Areas Covered in the Session: There are 16 different types of 1099s the IRS requires you to report certain payments on.

DO you know when to use them, and what payments go where on each form? Do you know what kinds of workers can be considered independent contractors? If you mistakenly classify employees as I/Cs, and the mistakes are caught in an audit, the back tax liability can be devastating. You cannot afford to only grasp the basics learn the ins and outs of 1099 filing requirements in this must-attend session. In this webinar we discuss
  • An verview of new W-9 and W-8 forms
  • Latest Form 1099-NEC, 1099-MISC, and any changes to other 1099 form reporting requirements with specifics
  • How to know when and what to report
  • Step-by-step review of Form 1099 reporting mechanics
  • Online reporting trends, and how to report online
  • Due dates and where to go for more information

Who Will Benefit:
  • HR Managers
  • Payroll Managers
  • Accounts Payable Finance Dept Staff
Instructor:

Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that means to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits.

Mr.Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Mark has represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.

Mark prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs and feels that educating clients toward faster, accurate and more complete payroll processes provide the most value.

Mark is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. Mark is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.


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