Form 1099 -MISC and 1099-NEC Compliance and New e-Filing Requirements Update 2024

Recorded Webinar | Patrick Haggerty | From: Feb 29, 2024 - To: Jan 01, 1970

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Recording     $249
Digital Download     $299
Transcript (PDF)     $249

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This webinar will cover the latest updates for Form 1099-MISC and Form 1099-NEC. It will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements, reporting guidelines, and the latest filing methods.

The webinar will discuss filing due dates, penalties for late-filed and late-furnished returns, best practices for preventing and mitigating penalties, and penalty exceptions, including establishing reasonable cause for penalty abatement.

Why attend

The IRS is beefing up technology and staff to enhance enforcement to reduce the tax gap, including actively targeting enforcement measures on information reporting compliance. Penalties for non-compliance are now indexed and increase each year. It is more important than ever that 1099 Forms be prepared correctly, filed, and furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties.

To stay compliant, practitioners must know which form to use to report specific transactions when forms must be filed or furnished to recipients to be on time, which information to include and how to make sure it is accurate, how and when to make corrections, how to avoid or mitigate errors, whether a particular payee is subject to backup withholding or transaction reporting, and the due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.

The IRS is finalizing regulations regarding reducing the e-filing thresholds for information returns and providing a new e-file portal (IRIS) that will enable filing returns without special software. This session will provide the latest information regarding regulatory and technology changes and how to prepare for compliance in 2023 and beyond.

After this webinar, you will:

  • Be prepared to file Form 1099 NEC and Form 1099-MISC
  • Be prepared for anticipated changes to electronic filing for 2023 forms filed in 2024
  • Know the due dates for furnishing and filing information returns
  • Identify reportable payments and payees. Know when a 1099 is required
  • Be aware of the IRIS system and how to apply for an IRIS Transmitter Control Code (TCC)
  • Be mindful of common 1099 errors: Know how to avoid them and how to correct them
  • Understand how Form W-9 can assist in determining when a 1099 is required.
  • Be aware of backup withholding requirements and “B” notices.
  • Be aware of best practices such as TIN solicitation and verification that can avoid or mitigate penalties for missing or incorrect vendor Tax ID numbers.
  • Know when the payment card rules apply and how 1099 reporting is affected

Areas Covered

  • Information Returns: 2023 updates to Forms 1099-MISC and 1099-NEC
  • Reporting and filing requirements for 2023 returns filed in 2024
  • Information Returns: What they are and using the Guide to Information Returns
  • Forms 1099-MISC, 1099-NEC, and 1096: Identification of reportable payments and payees
  • Common 1099 errors – how to prevent them and how to correct them
  • Taxpayer identification number basics: Which number to use
  • Form W-9: documentation that establishes reportable and non-reportable payees
  • Due diligence procedures avoid or mitigate penalties
  • Penalties for late or incorrect 1099 Forms
  • Procedures and policies that establish “reasonable cause” and avoid penalties

Who should attend?

  • CFOs and controllers
  • Accounts payable and accounting managers
  • Accounts payable processing professionals
  • Employers and Business owners
  • Purchasing managers and professionals
  • Public accountants, CPAs, and Enrolled Agents