This half-day workshop provides updated essential information for 2023 Form 1099 reporting of the payments processed through Accounts Payable, with primary focus on Form 1099-NEC “Non Employee Compensation” and Form 1099-MISC “Miscellaneous Information.” Also covers backup withholding of income tax required from certain payments (the focus of an IRS compliance campaign which assesses monetary penalties for failures to withhold tax from payments when required).

Topics include:

• What is (and is not) reportable on Form 1099-MISC and 1099-NEC
• What Form W-9 or other information is needed to document your payees and obtain tax ID numbers for reporting
• Which payees are exempt from being reported on Forms 1099
• How to handle the biggest challenges: Sole proprietors, DBAs, LLCs, legal settlements, attorneys, expense reimbursements
• What you need to need to know to address backup tax withholding requirements, IRS “B” Notices and TIN Matching services.