Form 1099-MISC and 1099-NEC Compliance

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CEU Approved | Pre Recorded

  • 90 minutes

This webinar will cover the 2020 changes to Form 1099-MISC and the new Form 1099-NEC that is required to report non employee compensation paid during 2020. It will cover specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements and reporting guidelines.

The webinar will cover filing due dates, penalties for late filed and late furnished returns. It will also discuss the various ways top revent and mitigate penalties including the safe harbor provisions for de minimis dollar amount errors and the important “reasonable cause” defence. It will also cover steps that can be taken to prevent penalties such as tax payer identification number verification, backup withholding, handling B-notices,filing procedures and correcting errors.

Due to changes in the law, it is anticipated that electronic filing will be required issuers of 100 or more forms for 2020 Forms filed in 2021 and 10 or more forms for 2021 Forms filed in 2022.

Furthermore, regulations are pending that will eliminate the“no aggregation rule” and that the e-filing threshold will no longer apply separately to each type of information return.

Session Highlights:

As a result of this session, you should: 

  • Be prepared for filing Form 1099 NEC and revisions to Form 1099-MISC

  • Be prepared for anticipated changes to electronic filing for 2020 and 2021

  • Know when to furnish and file information returns under the new requirements·   

  • Understand the deminimis 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 back up with holding: 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 and how to issue and follow-up 

  • Understand the procedures for "B" notices: When and how to issue and follow-up 

  • Understand how to document independent contractor as reportable or non-reportable

Q & A Session –Approximately 10 minutes at the end of the session. 

Speaker will accept emails of attendees for questions related to the presentation topic.  

Why You Should 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.

Who Should Attend:

Accounting professionals who are involved in the processing of Form 1099-MISC Other professionals involved in the solicitation of vendor tax ID numbers and prevention of penalties for non-compliance with tax withholding and reporting regulations  

  •  CFOs and controllers

  • Accounts payable and accounting managers

  •  Accounts payable processing professionals 

  • Employers and Business owners 

  • Auditors and risk managers 

  •  Purchasing managers and professionals 

  • Public accountants, CPAs and Enrolled Agents

You may ask your Question directly to our expert during the Q&A session.

** You can buy On-Demand and view it as per your convenience.

Patrick Haggerty

Patrick Haggerty

Patrick 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, information returns, and accounting.

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This webinar has been approved for 1.5 HR (General) recertification credit hours toward California, GPHR, HRBP, HRMP, PHR, and SPHR recertification through the HR Certification Institute. The use of this seal is not an endorsement by the HR Certification Institute of the quality of the activity. It means that this activity has met the HR Certification Institute’s criteria to be pre-approved for recertification credit.

Edupliance is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit

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