Updates for Form 1099-MISC, reporting guidelines, filing requirements, withholding requirements and safe harbour requirements

1. Overview
Using Form 1099-MISC Correctly 2016
Date: Wednesday, October 12th, 2016, Time: 01:00 PM EDT | 10:00 AM PDT
Duration: 90 Minutes
Speaker: Patrick A Haggerty
The regulatory landscape for Form 1099 compliance keeps shifting as Congress
attempts to balance jobs growth with narrowing the tax gap and the IRS attempts to
address fraud and identity theft issues involving information returns including 1099
Forms. Over the past decade changes were written into the law and regulations, some
have been implemented, some were repealed, but all creating compliance challenges for
businesses. To prevent fraud involving information returns and false refund claims, the
filing deadlines for certain 1099-MISC Forms has been moved up. The IRS recognized
the potential for an increase in the number of errors on filed 1099 Forms and has revised
the de minimus error rules.
While the changes apply to most information returns, Form 1099-MISC presents a
special set of reporting problems and deserves special discussion. It is used to report a
number of types of payments with different requirements for each type of payment.
For all information returns, the issuer must obtain correct tax identification information
from recipients and, if required for a particular payee, withhold income tax from payments
to that payee. These two processes involve soliciting and obtaining Forms W-9 and W-8
from payees, not only to obtain the information, but to establish a reasonable cause
penalty exception when things go wrong.
Why should you attend?
The changes in reporting requirements can be confusing and the IRS has recently made
changes to reporting, error correction, and filing due date requirements. Accounts
payable professionals, managers, and withholding agents need to be aware of the
changes in order to avoid non-compliance and penalties. Penalties for non-compliance
have recently been increased.
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2. 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.
Areas covered in the webinar
 Reminders & What’s New
 Information Returns
 A walk through Form 1099-MISC
 Correcting Errors
 SSN, TIN, EIN
 TIN Solicitation & “B” Notices
 TIN Verification
 Backup Withholding
 Penalties and Problems
Learning objective
 Know when to furnish and file information returns under the new requirements
 Understand the new de minimus 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
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

3. Speaker profile
Pat Haggerty is a tax practitioner, author, and educator. His work experience includes
non-profit organization management, banking, manufacturing accounting, and tax
practice. He began teaching accounting at the college level in 1988. He is licensed as an
Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of
the IRS and is a Certified Management Accountant. He has written numerous articles
and a monthly question and answer column for payroll publications. In addition, he
regularly develops and presents webinars and presentations on a variety of topics
including Payroll tax issues, FLSA compliance, and information return reporting.
For more information, contact support @complianceglobal.us