Due Diligence Steps for Form 1099 Compliance
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College. He started his practice in 2009.
Form 1099-MISC compliance is a surprisingly complicated compliance requirement for businesses and accountants. The requirements are always changing, and answers are seldom clear-cut. This course will de-mystify some of the tricky areas relating to Form 1099-MISC, such as when 1099 should be issued and whether a worker is a contractor or an employee. The main focus of this presentation is on “box 7” (independent contractor pay) but we cover other 1099-MISC topics as well. A large amount of time will be spent on the topic of determining if a worker is a contractor or an employee and why this is important. Other topics covered include: how to send 1099s to the IRS; due dates and penalties; dealing with rental properties; what payments are subject to 1099 reporting; the interaction between Form 1099-K and Form 1099-MISC; and we will discuss whether a business can send a Form 1099-C (cancellation of debt) form to a client who fails to pay an invoice.
Areas Covered
- Introduction about 1099s/basic overview
- Who files a 1099-MISC
- Who receives a 1099-MISC
- When do corporations get a 1099-MISC
- Medical services and Form 1099-MISC
- Employee vs. contractor: why is this important and how do you tell the difference?
- Dealing with reimbursements to contractors
- Form W-9 and why it is important, and how it relates to the 1099-MISC
- Backup withholding
- IRS notices
- Due dates, how to file with the IRS, and penalties for late filing
- Form 1099-K and its interaction with the 1099-MISC
- Rental property and Form 1099-MISC
- Using Form 1099-C (cancellation of debt) as a collection method
Course Level - Basic, though some basic advance knowledge of Form 1099-MISC is helpful
Who Should Attend
- Business owners
- CFOs
- Office managers
- Bookkeepers
- Office staff tasked with preparing 1099s
- CPAs and Enrolled Agents
- Tax preparers
Why Should You Attend
Form 1099-MISC compliance is a surprisingly complicated compliance requirement for businesses and accountants. The requirements are always changing, and answers are seldom clear-cut. This course will de-mystify some of the tricky areas relating to Form 1099-MISC, such as when 1099 should be issued and whether a worker is a contractor or an employee. The main focus of this presentation is on “box 7” (independent contractor pay) but we cover other 1099-MISC topics as well.
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$200.00
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