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

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®).