Description
Course Overview
The due date to file Form 1099-NEC for the 2023 tax year is January 31, 2024, while Form 1099-MISC maintains a due date of February 28th (or March 31st if filed electronically). These tax forms can sometimes be tricky to navigate, but understanding their distinct purposes and requirements is essential to ensure compliance.
Non-employee compensation refers to the payments made to independent contractors and vendors; these payments must be reported to the IRS. If your business hired independent contractors and/or vendors and paid them more than $600 for their services, you are required to file 1099-NEC with the IRS and furnish them with a copy.
Form 1099-MISC is a tax form that reports various types of income earned as an independent contractor or non-employee. It is filed by the payer and given to the recipient, providing details about the remuneration paid. Recipients may use this form to report their earnings on their tax return.
Areas Covered
- What exactly is a 1099, and who files them?
- Filing Requirements for Form 1099 MISC and 1099 NEC
- Determining the $600 threshold
- Sending 1099s to corporations
- Form 1099-K, Venmo, PayPal, and other payment apps complicate matters
- Form W-9 and backup withholding
- Dates for filing and penalties for late filing
Why should you attend
This webinar will cover Form 1099-NEC for independent contractors, and Form 1099-MISC for reporting payments such as rents, prizes and awards, etc. We will also cover Form 1099-K and how to deal with payments made via apps such as PayPal and Venmo. IRS penalties for failure to file correct 1099s continue to rise, and the IRS is cracking down on 1099-related compliance such as backup withholding.
Who Will Benefit
- CPAs
- Enrolled agents
- Tax professionals
- Bookkeepers
- HR professionals
- Business owners
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.
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