This 120-minute webinar covers Forms 1099-MISC and 1099-NEC in detail: reporting requirements for different types of payments and payees, filing and withholding requirements, and reporting guidelines.
You'll review filing due dates and penalties for returns that are filed or furnished late, and ways to prevent or reduce penalties, including the safe harbor for de minimis dollar errors and the reasonable cause defense.
The session also covers practical penalty prevention: verifying taxpayer identification numbers, applying backup withholding, responding to B-notices, following sound filing procedures and fixing errors. It explains how to use Form W-9 to document payees and the IRS Guide to Information Returns.
The IRS is targeting accounts payable operations, and penalties for noncompliance are indexed and rise each year. You need to know which form to use, when it's due, what to include, how to correct errors, when backup withholding applies and which due diligence steps protect you even when a form is wrong.
The session suits CFOs, controllers, AP and accounting staff, employers and business owners, purchasing professionals, public accountants, CPAs and enrolled agents.
The IRS is targeting accounts payable operations, and penalties for noncompliance are indexed and rise each year. You need to know which form to use, when it's due, what to include, how to correct errors, when backup withholding applies and which due diligence steps protect you even when a form is wrong.
The session suits CFOs, controllers, AP and accounting staff, employers and business owners, purchasing professionals, public accountants, CPAs and enrolled agents.
Patrick Haggerty
Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.
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