New Form 1099 Reporting Requirements: 2024 Compliance Update

Mark Schwartz

Date:
Feb. 20, 2025
Duration:
60 Minutes
Time:
1 PM EST | 10 AM PST | Thursday
Speaker:
Mark Schwartz

Live Versionn:

Recorded Version:

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Live + Recorded

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Refund Policy

Overview:

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-k threshold for tax year 2023 that was slated for 2022. The IRS delayed implementation due to the uproar. The 1099-k will now require third party payment processors like venmo, paypal, google-pay and apple-pay to report all payments over 600 made to you and me. This is down from the previous threshold of $20,000. Needless to say, this new check and balance will require most individual taxpayes, and any companies who use these services, to monitor all payments from all sources, and make sure that they are reported.

Note that these payments were always reportable as taxable income. The difference is the IRS will know exactly who paid you and how much. They are now reporting same as the W2, 1099-NEC and other 1099s. Attend this live webinar to find out exactly what this means for your business.


Why you should Attend:

• How to develop an efficient Form 1099 reporting process
• Best practice to minimize penalties using proper policies and procedures that work under new rules
• How to determine if a worker is an independent contractor or an employee
• Form 1099 relationship to B-Notices (CP2100) and TIN Penalty Assessments (972 And much more.


Agenda:

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.

Learn the ins and outs of 1099 filing requirements in this must-attend session. In this webinar we discuss:

• An overview of new 1099 Forms
• Latest Form 1099-NEC, 1099-MISC, 1099k, and any changes to other 1099 form reporting requirements with specifics .
• How to know when and what to report
• Step-by-step review of Form 1099 reporting mechanics
• Online reporting trends, and how to report online

Who Will Benefit:

A/P managers
A/P staff
Payroll managers
finance executives
Tax professionals
Third party payment settlement
processing agencies.

Live Version:

Recorded Version:

Combo Offers

Live + Recorded

Live + Recorded


Refund Policy

Instructor:

Mark Schwartz

Speaker

Mark Schwartz is an employment tax specialist with over 25 years as a payroll tax collector, payroll tax auditor, and payroll tax consultant. He is also a current payroll processor and advisor to clients on a multitude of payroll and hr related issues. Mark's expertise is in the IRS payroll tax field. He understands completely the multitude of problems and confusion of Federal payroll tax matters. He helps all clients in understanding exactly what matters to their business. He helps them navigate the electronic compliance waters - steering their boats to the appropriate ports and even assisting where he can.