New Form 1099 Reporting Requirements: 2023 Compliance Update
Recorded: Access recorded version, only for one participant unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)
Corporate Recorded: Access recorded version, Any number of participants unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)
1099s report payments made to non-employee service providers, as well as payments to suppliers and other entities you do business with. Think of your own organization:
Can you name all the types of service providers you use?
Do you know which payments are reportable on 1099s, and the minimum amounts you must pay before they are reportable?
There is a new 1099-k threshold for the tax year 2023 that was slated for 2022. The IRS delayed implementation due to the uproar. The 1099-k will now require third-party payment processors like Venmo, PayPal, google-pay, and apple-pay to report all payments over 600 made to you and me. This is down from the previous threshold of $20,000. Needless to say, this new check and balance will require most individual taxpayers, and any companies who use these services, to monitor all payments from all sources and make sure that they are reported.
Note that these payments were always reportable as taxable income. The difference is the IRS will know exactly who paid you and how much. They are now reporting the same as the W2, 1099-NEC, and other 1099s. Attend this live webinar to find out exactly what this means for your business.
Why you should Attend:
- How to develop an efficient Form 1099 reporting process
- Best practice to minimize penalties using proper policies and procedures that work under new rules
- How to determine if a worker is an independent contractor or an employee
- Form 1099 relationship to B-Notices (CP2100) and TIN Penalty Assessments (972)
And much more...
Areas Covered in the Session:
- An overview of new 1099 Forms
- Latest Form 1099-NEC, 1099-MISC, 1099k, and any changes to other 1099 form reporting requirements with specifics
- How to know when and what to report
- Step-by-step review of Form 1099 reporting mechanics
- Online reporting trends, and how to report online
Who Will Benefit:
- HR Managers
- Payroll Managers
- Accounts Payable and Finance Dept staff
Mr.Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Mark has represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.
Mark prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs and feels that educating clients toward faster, accurate and more complete payroll processes provide the most value.
Mark is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. Mark is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.