Form 1099 - MSIC Compliance and MISC Due Diligence

Miles Hutchinson

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In this webinar attendees will learn the latest updates for Form 1099-MISC, specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines. It will cover filing due dates including the accelerated due dates for 1099-MISC Forms with an entry in box 7, and the safe harbor requirements for de minimis dollar amount errors. It will cover penalty provisions due diligence procedures, and exceptions to penalties including reasonable cause, common errors, and correction of errors.

Why Should You Attend:

The IRS is actively targeting enforcement measures on accounts payable operations. Penalties for non-compliance are now indexed and increase each year. It is more important than ever that 1099 Forms be prepared correctly, filed and furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties.

In order to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients in order to be on-time, which information to include and how to make sure it is accurate, how and when to make corrections, how to avoid or mitigate errors, whether a particular payee is subject to backup withholding, or transaction reporting, and the due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.

Learning Objectives:

  • Know when to furnish and file information returns under the new requirements
  • Understand the de minimus money amount error rules
  • Identify reportable payments and payees. Know when a 1099 is required
  • Be aware of common 1099 errors: Know how to avoid them and how to correct them
  • Understand backup withholding: What it is; When to start and when to stop; How to deposit and report
  • Know the due diligence procedures to avoid penalties for missing or incorrect payee tax ID numbers
  • Understand the procedures for "B" notices: When to issue and how to follow-up
  • Know when the payment card rules apply and how 1099 reporting is affected
  • Understand how to document independent contractor as reportable or non-reportable
  • Know the procedures and policies that establish "reasonable cause" and avoid penalties

Areas Covered in the Webinar:

  • Overview of information returns – Resources for compliance
  • Filing deadlines and affected returns
  • De minimis exception for money errors
  • Increases in penalties for non-compliance
  • Form 1099-MISC - Reportable payments and payees
  • Common 1099 errors – how to prevent them and how to correct them
  • Taxpayer identification number basics: Which number to use
  • Documentation that establishes reportable and non-reportable payees
  • TIN Solicitation & “B” Notices – when to issue and how to follow-up
  • Due diligence procedures avoid or mitigate penalties for missing or incorrect payee tax ID numbers
  • TIN Verification and using the IRS TIN verification system
  • Backup Withholding - What it is, When to start and when to stop, How to deposit and report
  • Procedures and policies that establish "reasonable cause" and avoid penalties

Who Will Benefit:

  • CFOs and controllers
  • Accounts payable and accounting managers
  • Accounts payable processing professionals
  • Employers and Business owners
  • Purchasing managers and professionals
  • Public accountants, CPAs and Enrolled Agents
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Speaker: Miles Hutchinson, President, Sales Tax Advisors Inc

Miles Hutchinson is a CGMA and experienced businessman. He has been an auditor with PriceWaterhouseCoopers and the chief financial officer of a $1 billion real estate development company. Mr. Hutchinson is a professional speaker and consultant who has presented over 2,000 seminars and training sessions on myriad business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act. He is recognized as an expert in payroll, and sales and use tax as well as financial modeling and analysis, business strategy and communications.

He is the author of several useful accounting and tax tools. His clients include Abbott Labs, Bank of America, Boston Scientific, Citicorp, Corning, the FBI, the FDA, the Federal Reserve, GE, Pfizer, Siemens, US Marine Corps, and the US Army.