Hiring independent contractors streamlines paperwork but requires 1099 forms. Small business owners now use Form 1099-NEC for contractor payments, with Form 1099-MISC dedicated to miscellaneous income like rent and prizes post-2020.

In this webinar, we'll unravel Form 1099-NEC for independent contractors, delve into Form 1099-MISC for various payments, and demystify Form 1099-K for transactions via apps like PayPal and Venmo. We'll address IRS scrutiny, and rising penalties for incorrect filings, and guide you with practical examples of navigating complexities, emphasizing backup withholding and the critical $600 reporting threshold. Gain insights into essential strategies for compliance, focusing on effective policies and meticulous record-keeping.

IRS enforcement of 1099 reporting requirements is increasing, and penalties apply for failure to issue 1099 when you should have. This webinar will answer your questions about situations where 1099 reporting is required - specifically Forms 1099-NEC and 1099-MISC.

Learning Objectives:

  • To review the current issues of compliance for 1099-NEC and 1099-MISC and avoid penalties.
  • To explain 1099 requirements and limitations to clients.
  • To discuss on W-9 backup withholdings, the importance of W-9 collection to clients.
  • To analyze the limitations of third-party payment apps and educate clients on these issues.
  • To explore due diligence requirements with clients to ensure 1099s are issued correctly.

Area Covered in this session:

  • New Form W-9 Draft
  • Various Compliance Issues
  • $600 Threshold
  • How You Make the Payment
  • Employee Legal Settlement

Live Q&A session will be held after the event.

HRCI Credits | SHRM Credits

  • HRCI Credits | SHRM Credits-1.0
  • HRCI Credits: 1.0
  • SHRM Credits: 1.0

Taxmarket Watch is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.0 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please portal.shrm.org.

This Program has been approved for 1.0 (General) recertification credit hours toward aPHR™, aPHRi™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™, and SPHRi™ recertification through HR Certification Institute®? (HRCI®).

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Each webinar wraps up with a Q&A session, giving you the opportunity to interact with industry experts and receive answers to all your queries.

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  • IRS
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PRESENTER(s): Jim Buttonow
EVENT DATE - 2024-07-18