New IRS Form 1099 NEC and 1099-MISC Reporting: Changes in 2020

Date: September 15, 2020
Time: 01:00 PM ET
Duration: 90 Minutes
Speaker: Klaralee R. Charlton

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Description

Payments to independent contractors will no longer be reported on Form 1099-MISC, Box 7. Instead, tax year 2020 will revive an old Form 1099-NEC to separate these payments from other miscellaneous forms of income. In recent years, independent contractor payments for self-employed individuals and the categorization of workers as independent contractors versus employees have been targeted by both the IRS and state level taxing authorities. The reintroduction of Form 1099-NEC hopes to better define these payments to avoid later misreporting and possible miscategorization.

This webinar will introduce Form 1099-NEC and teach practitioners how to differentiate between income reportable on Form 1099-MISC vs. 1099-NEC. The key differences between employees receiving W-2 income and independent contractors receiving 1099-NEC income will also be highlighted. Practitioners will learn how to complete and submit the Form 1099-NEC and how toreflect income reported on Form 1099-NEC on taxpayers’ returns as well as penalties associated with the form and how to avoid being subject to various penalties.

Topic Highlights:

·  Form 1099-NEC for Independent Contractor Income

·  Revisions to Form 1099-Misc

·  Key Differences Between Independent Contractors and Employees

·  Completion and Submission of Form 1099-NEC

·  Withholding Requirements and Procedures

·  Due Dates and IRS Penalties Related to Worker Classifications and Form Filings

·  Reimbursement Differences for Employees and Independent Contractors

·  Importance of Form W-9 for Differentiating Employees vs Independent Contractors

·  Common Form 1099 Errors and How to Avoid or Correct Penalties

Who Should Attend:

·  HR Professionals/Managers

·  CFOs and controllers

·  Tax preparers

·  CPA

·  Public Accountants

·  Accounting managers

·  Accounts payable processing professionals

·  Employers and Business owners

·  CPAs and Enrolled Agents

·  Purchasing managers and professionals

This webinar has been approved for 1.5 HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®,SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®).

Speaker

Klaralee R. Charlton

Klaralee Charlton is a Shareholder with Katz, Look & Onorato, P.C. She practices fiduciary tax, estate administration, and business transactional law. As part of her practice, she guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. She also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.

Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She serves as Treasurer of the Denver Bar Association and is a former Chair of the Colorado Bar Association, Tax Section.

She earned her J.D. from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver, and her B.A. in political science from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.

Certification

This webinar has been approved for 1.5 HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®,SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®).

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