Form 1099-NEC and 1099-MISC Basic Training
This half-day workshop provides updated essential information for the new 1099 reporting regime (used first for January 2021 reporting; now with additional changes for filing in January 2022) which requires Accounts Payable to report both the new Form 1099-NEC and the revised Form 1099-MISC. Also covers backup withholding required from certain payments (the focus of an IRS compliance campaign). 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.