Introduction

Due Diligence involves a written Plan, training staff, and monitoring staff to determine if they have followed the plan. IRS penalties not only cost money but also take up valuable time which translates to money.

Do you want to avoid IRS penalties for mistakes on Form 1099? If the answer is Yes, make sure the staff has exercised due diligence. This course is designed to develop a plan and train and monitor staff to achieve due diligence.

Learning Objectives

  • Learn when a Form 1099-MISC needs issued
  • What is contract labor pay?
  • Learn why it is important to know the difference between a contractor and an employee
  • Learn how to tell the difference between a contractor and an employee
  • Learn what a Form 1099-K is
  • Understand the interaction between Form 1099-K and Form 1099-MISC

Area Covered In The Webinar

  • The basics of Form 1099-MISC from a big-picture view
  • What is box 7 contract labor pay?
  • What is the difference between a contractor and an employee, and why does the IRS care?
  • How to tell the difference between a contractor and an employee
  • Rundown of various 1099-MISC scenarios
  • Basic overview of Form 1099-K
  • Interaction between Form 1099-K and Form 1099-MISC

Why should you attend?

This presentation will focus on Form 1099-MISC: when it needs filed, how to file it and common pitfalls, with most of our focus being on box 7 independent contractor pay. We will also cover the difference between employees and independent contractors, how to tell the difference, and why it’s important to know the difference. We will also touch on Form 1099-K and the interaction between Form 1099-K and Form 1099-MISC.

Who Will Benefit

  • CFOs
  • CPA, Attorney, EA Firms and Staff
  • Firm Accounts Payable Management or Staff
  • Office managers
  • Accountants
  • Bookkeepers
  • Owners, Shareholders of Small Businesses and Staff
  • Corporate Controllers, Accounts Payable, Financial Managers & Staff
  • Non-profit Controllers, Accounts Payable, Staff

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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