Due Diligence Steps for Form 1099 Compliance



Webinar overview:

This webinar will cover the latest updates for Form 1099-MISC, specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements, and reporting guidelines. It will cover important changes to the filing due dates and the new safe harbor requirements for de minimis dollar amount errors. It will also cover penalty provisions and exceptions to the penalties, due diligence procedures, exceptions to penalties including reasonable cause, common errors, and correction of errors:

  • Reminders & What’s New
  • Information Returns
  • A walk-through Form 1099-MISC
  • Correcting errors
  • TIN Solicitation & “B” Notices
  • TIN verification
  • Backup withholding

Learning objectives:

  • W-9 Procedures
  • Overview of various Forms 1099
  • IRS TIN Matching Program
  • Developing best practices for the preparation of Forms 1099
  • Potential penalties for payers and tips to avoid penalties
  • Know when to furnish and file information returns under the new requirements
  • Understand the new de minimus error rules
  • Identify reportable payments and payees. Know when 1099 is required
  • Be aware of common 1099 errors: Know how to avoid them and correct them
  • Understand backup withholding: What it is, when to start and stop, how to deposit as well as report
  • Understand the procedures for “B” notices: When to issue and how to follow up
  • Know when the payment card rules apply and how 1099 reporting is affected
  • Understand how to document independent contractors as reportable or non- reportable
  • Know the procedures and policies that establish “reasonable cause” and avoid penalties

Why should you attend:

The changes in reporting requirements can be confusing and the IRS has recently made changes to reporting, error correction, and filing due date requirements. Accounts payable professionals, managers, and withholding agents need to be aware of the changes in order to avoid non-compliance and penalties. For non-compliance, penalties have recently been increased.

In order to stay compliant, practitioners must know which form to use to report specific transactions, when these forms must be filed or furnished to recipients in order to be on time, what information should be included 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.

Who Will Benefit:

  • CPA, EA, attorney, and staff
  • Accounts payable
  • Tax department
  • Human Resources
  • Construction managers
  • CFOs and controllers
  • Accounts payable and accounting managers
  • Accounts payable processing professionals
  • Employers and business owners
  • Purchasing managers and professionals
  • Public accountants

About the instructor:

Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert, and a well-known presenter of continuing education courses. He has an impeccable acumen for tax subjects, by virtue of which, he is known to create very well-researched course materials helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries.

Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics, and much more.

He has presented over dozens of webinars on Form 1099 (MISC & R); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit, and other issues relating to the modern-day household setting.

He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics.

Jason always had a knack for radio shows and he features regularly as an anchor for Radio Iowa. To reinvent this aptitude, he has recently started his own series of podcasts on myCPE ‘The Jason Show’, an edutainment podcast series that also provides continuing credits to the listeners.

Additional information


USB, Recording


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