Reporting compliance has long been a source of anxiety for the business owner as well as their accountant. The IRS has been increasing the penalties for failing to comply with these reporting requirements significantly in recent years. Are you sure that you know all the rules for reporting compliance in order to keep your client from being penalized?
This course will cover the deadlines in effect, the purpose of 1099s, when you should use them, deadlines you need to know (as well as possible extensions), and compliance rules. We also touch on the electronic filing system known as IRIS (Information Returns Intake System), as well as covering who is required to receive a 1099, and who is exempted from needing a 1099.
You will also learn techniques for confidently correcting errors that you may discover on 1099 reporting, the Form W9 and understanding its real purpose, strategies for ID number matching, and also backup withholding requirements. We will also cover penalties that can be imposed as well as possible remedies to avoid or even abate these penalties.
Learning Objectives:
- Learn about the deadlines in effect for filing 2025 forms, and where they are to be filed
- Understand the purpose of 1099s and their filing requirements
- Discover the rules that determine who gets a 1099
- Understand required techniques for filling out proper 1099 and 1096 forms for acceptance and avoid taxpayer and preparer penalties
- Understand the use of Form 8809 and deadlines to properly file
- Confidently correct errors in reporting forms
- Discover the purpose of the W9, and W-8 BEN
- Learn strategies of ID number matching procedures
- Learn and perfect your understanding of the Backup Withholding rules
- Understand the potential penalties that can be imposed for failure to comply properly with reporting
