New Form 1099 Reporting Requirements: 2023 Compliance Update!
Is Your Business Prepared for the New 2023 Form 1099 Rules?
Instructor :
Mark Schwartz
Webinar ID:
14157
Date: 1 September 23, FRI
Start Time: 12:15 pm PT
Duration: 75 Mins.
What you will learn
- Deep Dive into the Latest 1099 Changes
- Understanding the Implications of Non-Compliance
- Classify Workers: Contractor or Employee?
- Create Efficient 1099 Reporting.
- Understand 1099, B-Notices, and TIN Penalties…
- Deep Dive into the Latest 1099 Changes
- Understanding the Implications of Non-Compliance
- Classify Workers: Contractor or Employee?
- Create Efficient 1099 Reporting.
- Understand 1099, B-Notices, and TIN Penalties.
- Minimize Penalties with Best Practices.
- Identify and Avoid Common Pitfalls.
- Stay Updated: Due Dates and More
Course Description
In a constantly evolving regulatory landscape, keeping up with the latest compliance updates is not just a necessity—it’s an obligation!
As we venture into the year 2023, the IRS has wielded its mighty pen and made some notable updates to Form 1099 reporting. These changes have been introduced to enhance transparency, accuracy, and compliance in tax reporting.
- 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.
In the end, it’s not just about compliance, but how well you adapt and leverage these changes for your benefit. Let’s turn this regulatory update into a competitive advantage for you and your organization.
Register today!
In a constantly evolving regulatory landscape, keeping up with the latest compliance updates is not just a necessity—it’s an obligation!
As we venture into the year 2023, the IRS has wielded its mighty pen and made some notable updates to Form 1099 reporting. These changes have been introduced to enhance transparency, accuracy, and compliance in tax reporting.
- 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.
In the end, it’s not just about compliance, but how well you adapt and leverage these changes for your benefit. Let’s turn this regulatory update into a competitive advantage for you and your organization.
Register today!
Why you should attend
Key Objective: You’ll get the most recent updates on 1093 reporting requirements, enabling you to face the IRS with a level of confidence that would make even Iron Man jealous!
There are 16 different types of 1099s the IRS requires you to report certain payments on.
- Do you know when to use them, and what payments go where on each form?
- Do you know what kinds of workers can be considered independent contractors?
If you mistakenly classify employees as I/Cs, and the mistakes are caught in an audit, the back tax liability can be devastating.
” You cannot afford to only grasp the basics. Learn the ins and outs of 1099 filing requirements in this must-attend session.”
In this webinar, we discuss:
- 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
So, whether you’re a seasoned financial wizard seeking to stay ahead of the game or a fresh-faced tax enthusiast eager to learn the ropes, our training will transform you into a Form 1099 reporting expert.
Get ready to embrace the changes and turn them into opportunities for growth and success in the ever-changing tax landscape.
Are you up for the adventure? – Join us today!
Key Objective: You’ll get the most recent updates on 1093 reporting requirements, enabling you to face the IRS with a level of confidence that would make even Iron Man jealous!
There are 16 different types of 1099s the IRS requires you to report certain payments on.
- Do you know when to use them, and what payments go where on each form?
- Do you know what kinds of workers can be considered independent contractors?
If you mistakenly classify employees as I/Cs, and the mistakes are caught in an audit, the back tax liability can be devastating.
” You cannot afford to only grasp the basics. Learn the ins and outs of 1099 filing requirements in this must-attend session.”
In this webinar, we discuss:
- 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
So, whether you’re a seasoned financial wizard seeking to stay ahead of the game or a fresh-faced tax enthusiast eager to learn the ropes, our training will transform you into a Form 1099 reporting expert.
Get ready to embrace the changes and turn them into opportunities for growth and success in the ever-changing tax landscape.
Are you up for the adventure? – Join us today!
Areas Covered
- 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)
- Learn the Potential Pitfalls and How to Avoid Them.
- Due Dates and Where to Go for More Information, and Much More…
BONUS:
- PDF copy of the presentation handout for your future reference.
- Soft copy of the certificate of completion on request.
- Q&A Session with the Presenter: Get your pressing questions answered verbally, via chat or email.
- 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)
- Learn the Potential Pitfalls and How to Avoid Them.
- Due Dates and Where to Go for More Information, and Much More…
BONUS:
- PDF copy of the presentation handout for your future reference.
- Soft copy of the certificate of completion on request.
- Q&A Session with the Presenter: Get your pressing questions answered verbally, via chat or email.
Who is this course for
Maximize the Learning Experience in A Group Setting!
- HR Managers
- Payroll Managers
- A/P Managers
- Controllers, Tax Preparers
- Accountants, Bookkeepers
- Financial Consultants
- Small Business Owners
Maximize the Learning Experience in A Group Setting!
- HR Managers
- Payroll Managers
- A/P Managers
- Controllers, Tax Preparers
- Accountants, Bookkeepers
- Financial Consultants
- Small Business Owners
Instructor Profile
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that means to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits.
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.
