Preparing 1099s: Avoiding Penalties, New 1099-K Threshold, Backup Withholding, Combined Federal and State Reporting

Forms 1099-NEC, 1099-DIV, 1099-INT, 1099-K, 1099-MISC

A live 110-minute CPE webinar with interactive Q&A


Thursday, January 13, 2022

1:00pm-2:50pm EST, 10:00am-11:50am PST

Early Registration Discount Deadline, Friday, December 10, 2021

or call 1-800-926-7926

This course will explain the reporting requirements for Forms series 1099 and guide tax advisers in streamlining compliance with these requirements to avoid penalties, errors in backup withholding, and missed filing obligations. In addition, our panel of federal tax reporting experts will offer tips and advice to minimize the burden of preparing these forms annually.

Description

There are numerous types of reporting requirements related to Forms 1099s. The reporting thresholds and due dates vary by the type of Form 1099 issued. For example, payee statements are due to recipients as early as January 31. The due date for submitting the same Form to the IRS is March 31 unless you are not filing electronically, then the due date is March 1. Keeping up with the numerous requirements of filing these required forms can be daunting.

Not filing, late filing, or incomplete forms can draw penalties between $50-$550 per Form up to an annual maximum of $3,339,000 for large filers. If the Forms are intentionally not filed, there is no annual maximum penalty.

There are also recent changes in the associated guidance that tax advisers should be aware of, such as:

  • Reporting thresholds reduction for certain types of filers issuing Forms 1099-K
  • Form W-9 Requirement for Non-Financial Payments
  • Form 1099-NEC reporting requirements (direct state filings)

Listen as our panel of information reporting subject matter specialists explains the Internal Revenue Service's Form 1099 reporting requirements for those required to prepare and submit these forms.

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Outline

  1. Introduction to Forms series 1099
    1. Reporting requirements
      1. Form 1096
      2. Electronic vs. paper
      3. Due dates and extensions
    2. Correcting filed 1099s
    3. Combined federal and state reporting
  2. Types of Forms
    1. 1099-INT
    2. 1099-DIV
    3. 1099-K
    4. 1099-NEC
    5. 1099-MISC
    6. Other 1099s
  3. Collection of TINs
    1. W-9s
    2. Other
      1. Backup Withholding
      2. Penalties for incomplete or non-filing
      3. Recent changes and related guidance

Benefits

The panel will cover these and other critical issues:

  • Filing specific 1099s by type and its filing requirements
  • Avoiding penalties for incomplete and non-filing 1099s
  • Responses to backup withholding notices
  • Handling changes in guidance

Faculty

Khan, Jerry
Jerry Khan

Managing Director, Information Reporting & Withholding Tax
KPMG US

Mr. Khan has extensive experience with information reporting and withholding tax documentation, reporting, and project...  |  Read More

Prendergast, Elis
Elis A. Prendergast

Managing Director, Information Reporting & Withholding Tax
KPMG US

Mr. Prendergast is part of the firm's Information Reporting and Withholding practice. He has considerable...  |  Read More

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