In this course, we take a comprehensive walk through the best practices for complying with IRS Forms W-9, 1099-MISC and 1099-NEC reporting requirements for the calendar year 2020. This will include an in-depth look at the brand-new Form 1099-NEC and the updated Form 1099-MISC. Learn how to effectively manage your IRS reporting obligations and reduce your risk of penalties.
- Learn how the IRS classifies employees vs. independent contractors
- Learn the importance of correct and complete W-9 forms
- Illustrate the value of IRS TIN matching and how to implement it in your company
- Understand 2020 IRS backup withholding requirements, penalties, due dates, and “B” notice rules
- Identify payments that are reportable on the newly updated Form 1099-MISC
- Discuss the brand-new Form 1099-NEC