1099s report payments made to non-employee service providers, as well as payments to suppliers and other entities you do business with.
Think of your own organization, can you name all the types of service providers you use? Do you know which payments are reportable on 1099s, and the minimum amounts you must pay before they are reportable? There is a new 1099-NEC for the tax year 2020 that replaces the box 7 payments of the 1099-MISC.
The threshold for a 1099-NEC is now - only $600 - which requires you to report these payments to the IRS, so they can match them against the other party's tax return.
The deadline to get these to payees, and to the IRS, is now MUCH sooner than it used to be. Also, things like backup withholding and other requirements can make this more complex than it needs to be.
Areas Covered in the Session:-
There are 16 different types of 1099s the IRS requires you to report certain payments on.
DO you know when to use them, and what payments go where on each form? Do you know what kinds of workers can be considered independent contractors? If you mistakenly classify employees as I/Cs, and the mistakes are caught in an audit, the back tax liability can be devastating. You cannot afford to only grasp the basics and learn the ins and outs of 1099 filing requirements in this must-attend session. In this webinar we discuss
Why you should Attend:-
After attending this webinar, you will be able to:
Who Will Benefit:-
Tokyo is the capital of Japan.