1099 Compliance:
New Rules & New IRS Scrutiny
This time of year means more than just preparing to provide employees with W-2s. Many payroll departments get hit with the double whammy of also having to prepare Forms 1099-MISC for their independent contractors.
Bad news: The 1099-MISC process this year promises to be more complicated than in years past. That's because the IRS is rolling out a brand-new form, Form 1099-NEC, beginning with 2020 payments to independent contractors. Warning: The IRS isn't entirely ditching Form 1099-MISC, which means you will have two different sets of 1099 forms to file.
Worse news: Employers are facing intense new scrutiny of their 1099s. That's because one of the primary contributors to the tax gap – the difference between taxes owed and taxes paid – is increasingly due to underreporting by independent contractors.
Even worse news: A new 2019 law quickly lowers the automatic e-filing threshold from 250 forms to 10 forms.
Worst news of all: Forms filed in the wrong medium (even correct forms!) can trigger millions of dollars in tax penalties – and unwanted attention on your department (and you!).
Your best defense is a good offense. 1099 Compliance: New Rules & New IRS Scrutiny, our timely webinar led by payroll expert Alice Gilman, Esq., editor of Payroll Legal Alert, will teach you:
- The crucial steps you must take to ensure that your 1099 process remains on track
- What's changed with 1099s and how you should respond
- The 8 steps for completing 1099s that will keep the IRS off your back – forever
- How to tell if a contractor's Taxpayer Identification Number is legit and what to do if it's not
- The 6 crucial moves you must make to activate the new safe harbor for de minimis math errors
- Box-by-box reporting requirements for Form 1099-MISC
- When you don't have to provide a 1099-MISC to an independent contractor
- Why it's not just independent contractors who must receive 1099s (you may need to give them to employees, too)
- Two free IRS services that should wipe out penalties for filing incorrect forms
- What to do if you have corporate directors or officers who are also employees
- And much more.
Why this is essential now: Penalties for failing to file correct information returns have more than doubled in the past two years. And now they increase EVERY year, not just every five years. So mistakes on 1099s are not pocket change anymore.
This 75-minute recording gives you practical, easy-to-understand solutions to the complex issues you'll face.
Never again wonder "Am I doing it right?" with your 1099s. Learn how to avoid IRS penalties and comply with confidence. Get your copy of 1099 Compliance now!
Sincerely,
Pat DiDomenico, Editorial Director
Payroll Legal Alert and Payroll Compliance Handbook
P.S. Your satisfaction is unconditionally guaranteed. If 1099 Compliance: New Rules & New IRS Scrutiny fails to meet your needs, we will refund every penny you paid – no hassles, no questions asked.
1099 Compliance: New Rules & New IRS Scrutiny
About Your Speaker:
Alice Gilman, Esq., is an expert in payroll and tax compliance who has covered payroll issues for more than 26 years. She's written and edited several leading payroll publications, including Payroll Legal Alert, the Research Institute of America's Payroll Guide, the American Payroll Association's Basic Guide to Payroll and the Payroll Manager's Letter.
Credit Hours:
The use of this official seal confirms that this Activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.
This program is valid for 1.25 PDCs for the SHRM-CP® or SHRM-SCP®.