Form 1099 Update: Latest Forms, Rules and Reporting Regulations

Event: On-Demand Webinar
Event Date: November 13, 2023
Presenter: Jason T. Dinesen
Event Time: 11 am EST
Duration:90 Minutes


This webinar will cover 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 important changes to the filing due dates and the new safe harbor requirements for de minimis dollar amount errors. It will also cover penalty provisions and exceptions to the penalties, due diligence procedures, exceptions to penalties including reasonable cause, common errors, and correction of errors.

Session Highlights:

  • Develop best practises for the creation of Forms 1099
  • Improve W-9 procedures
  • Knowing when to provide and file information returns in accordance with the new requirements
  • Understanding the new de minimus error regulations, and identifying reportable payments and payees are all important.
  • Know whether a 1099 is necessary
  • Recognise typical 1099 mistakes and how to avoid and repair them
  • Have a thorough understanding of backup withholding, including what it is, when to begin and stop, and how to report it.
  • Recognise the “B” notification protocols: How to follow up and when to issue
  • Understanding how to document independent contractors as reportable or non-reportable and when the payment card rules apply will have an impact on 1099 reporting will help you avoid penalties. Knowing the procedures and policies that constitute “reasonable cause” will help you avoid penalties.

Session Agenda:

  • Reminders & What’s New
  • Information Returns
  • A walk-through Form 1099-MISC
  • Correcting errors
  • TIN Solicitation & “B” Notices
  • TIN verification
  • Backup withholding

Learning Objectives:

The IRS has recently changed the reporting, error-correcting, and filing due dates, which can make the new reporting obligations difficult. To prevent non-compliance and fines, account payable specialists, managers, and withholding agents need to be aware of the changes. Penalties for non-compliance have lately been raised. Practitioners must be aware of which form to use to report specific transactions, when to file or provide recipients with these forms to be on-time, what information to include and how to ensure accuracy, when to make corrections, how to prevent or mitigate errors, whether a specific payee is subject to backup withholding or transaction reporting, and the due diligence procedures that protect an issuer from penalties in order to remain compliant.

  • All the attendees will be provided Case Studies
  • Tax Court Case Review

Who Should Attend:

  • Accountants
  • CPAs
  • Enrolled Agents
  • Tax Preparers
  • Attorneys

Jason T. Dinesen

Jason Dinesen (EA, LPA) is a tax nerd,entrepreneur, tax expert and a well-known presenter of continuing education courses. Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more. He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting. He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics. Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa. Jason was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 4 cats and 2 dogs. His other hobbies include being a season ticket holder to University of Iowa football.