Date: January 17th, 2025

Time: 1pmET | 12pm CT | 11am MT | 10am PT

Duration: 120 Minutes

Description:

The IRS has introduced additional requirements for reporting certain payments, as outlined in the 2024 General Instructions for Certain Information Returns. Once again, we find ourselves navigating the evolving landscape of 1099 forms and regulations.

Join this informative webinar to stay up to date on the latest reporting requirements, including what must be reported, who is responsible, where to report, and how to avoid costly penalties.

Business owners making payments to vendors and individuals must first identify which transactions are reportable and determine the correct form to use. With the “Tax Gap” continuing to grow, the IRS is increasingly relying on revenues from 1099 reporting errors and penalties to help close the gap and ensure compliance.

Learning Objectives:

• Compare the differences and requirements between 1099-MISC and 1099-NEC (nonemployee compensation), including new reporting requirements for payments to attorneys for settlements and fees.
• Understand the updated regulations and penalties for non-compliance.
• Review other key 1099 reporting updates, including newly released guidelines.
• Information Returns: 2024 updates to Forms 1099-MISC and 1099-NEC
• 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
• Form W-9: documentation that establishes reportable and non-reportable payees
• Due diligence procedures avoid or mitigate penalties
• How to handle missing or incorrect payee tax ID numbers
• “B” notices and backup withholding
• Penalties for late or incorrect 1099 Forms
• Procedures and policies that establish “reasonable cause” and avoid penalties

Credits and Other information:

• Recommended CPE credit – 2.0
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 2 Hours

Who Should Attend

• CFOs and Controllers
• Accounts Payable and Accounting Managers
• Accounts Payables
• Employers and Business Owners
• Purchasing Managers and Professionals
• Public Accountants, CPAs and Enrolled Agents

About Our Speaker

Marcia L. Miller, MBA, EA

Marcia’s experience spans over four decades of Accounting, Tax and Management Consulting for a practice with emphasis on representing Small Business Owners in all aspects of Taxes, Employment & Labor Issues, Pensions, Estate Planning as well as Federal, State (Nationwide) and Foreign mandatory reporting.

As an author, webinar expert, and live speaker for various national companies & accounting organizations at their annual conferences, she has shared her expertise on a multitude of current business taxation and accounting topics.

As a recognized Thought Leader and Speaker in the World of Information Reporting and commonly referred to as the “1099 Queen”, Marcia was appointed to, and successfully completed a three-year term, as a Committee Member, to the Internal Revenue Service’s Information Reporting Program Advisory Committee (IRPAC).