Introduction

This webinar will cover changes in the 1099 world for 2021. For the first time in many years, significant changes are coming to the Form 1099-MISC, in particular with how contract labor pay is reported. Businesses will no longer use the 1099-MISC to report contract labor pay, but will instead use Form 1099-NEC, a form last seen in 1982 that is being brought back into use by the IRS. This webinar will cover the scenarios where a 1099-MISC or 1099-NEC needs issued, and the scenarios where reporting is not required. We will also cover the Form 1099-K and how it interacts with the 1099-MISC and 1099-NEC. The electronic filing mandate is changing as well and is dropping, so more businesses will fall under the e-file mandate. Penalties will apply for not complying. We will cover the e-filing mandate, other penalty situations, and how to potentially get out of penalties.

Learning Objectives

  • Changes for 2021
  • The new Form 1099-NEC
  • What will the new 1099-MISC look like
  • What situations need reported, and on which form
  • E-filing mandate is dropping
  • Due dates and IRS penalties
  • How to get out of penalties
  • Fixing errors
  • IRS letters and how to respond
  • Independent contractor or employee? Why is it important and how do you tell the difference
  • Paying reimbursements to contractors
  • Form 1099-K and its interaction with the 1099-MISC and 1099-NEC

Why should you attend?

Form 1099-MISC has change, and a new form is being introduced. Be prepared for new compliance obligations by taking this webinar. Starting in 2021, contract labor will no longer be reported on a 1099-MISC but instead will be reported on a Form 1099-NEC. Learn about those changes and how to stay compliant by taking this webinar. We will also cover the scenarios where a 1099-MISC or 1099-NEC needs issued … and when one does NOT need issued.

Who Will Benefit

  • HR Professionals
  • Office managers
  • CFOs and controllers
  • Tax preparers
  • Accountants
  • Accounts payable and accounting managers
  • Accounts payable processing professionals
  • Employers and Business owners
  • Public accountants, CPAs and Enrolled Agents
  • Purchasing managers and professionals

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Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals Know More

Mr. Jason Dinesen