Form 1099 Reporting in 2024: Your Ultimate Guide to IRS Compliance Rationale
The Hidden Risks of 2024 IRS Reporting Changes—Are You Prepared?
Instructor :
Mark Schwartz
Webinar ID:
14925
Date: DEC 11, 2024 (WED)
Start Time: 10 AM PT - 11:30 AM PT
Duration: 90 Mins.
What you will learn
-
- Develop A Streamlined Form 1099 Reporting Process For Your Organization.
- Differentiate Between Independent Contractors And Employees With Expert Insights.
- Understand The Relationship Between Form 1099, B-Notices, And Penalties.
- Discover Best Practices To Minimize Penalties Under New IRS Rules.
- Identify Common Pitfalls In Form 1099 Reporting And Avoid Them.
- Stay Informed On Key Deadlines And Reliable IRS Reporting Resources.
- Learn Step-By-Step Mechanics Of ….
-
- Develop A Streamlined Form 1099 Reporting Process For Your Organization.
- Differentiate Between Independent Contractors And Employees With Expert Insights.
- Understand The Relationship Between Form 1099, B-Notices, And Penalties.
- Discover Best Practices To Minimize Penalties Under New IRS Rules.
- Identify Common Pitfalls In Form 1099 Reporting And Avoid Them.
- Stay Informed On Key Deadlines And Reliable IRS Reporting Resources.
- Learn Step-By-Step Mechanics Of The Form 1099 Reporting Process.
- Explore New Trends In Online And Digital 1099 Reporting Methods.
- Gain Practical Tips To Enhance Compliance With 2024 1099 Requirements.
Course Description
In today’s fast-evolving regulatory landscape, staying compliant with the latest IRS reporting updates is not just important—it’s critical for your business.
In 2024, the IRS has rolled out significant changes to Form 1099 reporting, with a focus on increased transparency, accuracy, and strict compliance.
Here’s what you need to ask yourself:
-
- Do you know which service providers require 1099 reporting?
- Are you clear on the payment types and reporting thresholds for Form 1099?
What’s new in 2024?
-
- The new 1099-K threshold is now in effect for tax year 2023.
- Third-party payment processors like Venmo, PayPal, Google Pay, and Apple Pay must now report transactions over $600—a sharp drop from the previous $20,000 limit.
This change will require most businesses and individuals using these platforms to meticulously track payments.
While these payments were always reportable, the IRS will now directly track them, just like with W-2s and 1099-NECs. This increased oversight is designed to align with stricter IRS compliance standards.
Join our live webinar to understand how these changes impact your business and gain strategies to turn these regulatory updates into a compliance advantage.
Register now and ensure your business is prepared for the 2024 IRS reporting requirements!
In today’s fast-evolving regulatory landscape, staying compliant with the latest IRS reporting updates is not just important—it’s critical for your business.
In 2024, the IRS has rolled out significant changes to Form 1099 reporting, with a focus on increased transparency, accuracy, and strict compliance.
Here’s what you need to ask yourself:
-
- Do you know which service providers require 1099 reporting?
- Are you clear on the payment types and reporting thresholds for Form 1099?
What’s new in 2024?
-
- The new 1099-K threshold is now in effect for tax year 2023.
- Third-party payment processors like Venmo, PayPal, Google Pay, and Apple Pay must now report transactions over $600—a sharp drop from the previous $20,000 limit.
This change will require most businesses and individuals using these platforms to meticulously track payments.
While these payments were always reportable, the IRS will now directly track them, just like with W-2s and 1099-NECs. This increased oversight is designed to align with stricter IRS compliance standards.
Join our live webinar to understand how these changes impact your business and gain strategies to turn these regulatory updates into a compliance advantage.
Register now and ensure your business is prepared for the 2024 IRS reporting requirements!
Why you should attend
Gain the latest insights on 1099 reporting requirements and approach IRS compliance with confidence—like a superhero ready to tackle any challenge!
Did you know the IRS requires reporting for 16 different types of Form 1099s across various payment categories?
Key Questions to Ask Yourself:
-
- Are you confident in when and how to use each type of Form 1099?
- Can you accurately differentiate between independent contractors and employees?
Misclassifying employees as independent contractors can result in significant back tax liabilities if discovered during an audit. You need more than a basic understanding to avoid costly mistakes.
Master the intricacies of Form 1099 reporting in this essential training session designed to enhance your compliance strategy.
What You’ll Learn:
-
- Overview of New 1099 Forms: Stay up-to-date with the latest IRS changes.
- Detailed Breakdown: Dive into Form 1099-NEC, 1099-MISC, 1099-K, and other critical updates.
- Reporting Guidance: Understand exactly what to report and when for different payment types.
- Step-by-Step Mechanics: Explore the entire Form 1099 reporting process in detail.
- Digital Reporting Trends: Learn the latest trends in online and electronic reporting.
Whether you’re a seasoned financial professional seeking to maintain a competitive edge or a newcomer looking to master the essentials, this webinar will elevate your understanding of Form 1099 reporting.
Embrace these changes as opportunities for growth, ensuring compliance while driving success in today’s dynamic tax landscape.
Are you ready for the challenge? 🚀 Join us today and become an expert in 1099 reporting!
Gain the latest insights on 1099 reporting requirements and approach IRS compliance with confidence—like a superhero ready to tackle any challenge!
Did you know the IRS requires reporting for 16 different types of Form 1099s across various payment categories?
Key Questions to Ask Yourself:
-
- Are you confident in when and how to use each type of Form 1099?
- Can you accurately differentiate between independent contractors and employees?
Misclassifying employees as independent contractors can result in significant back tax liabilities if discovered during an audit. You need more than a basic understanding to avoid costly mistakes.
Master the intricacies of Form 1099 reporting in this essential training session designed to enhance your compliance strategy.
What You’ll Learn:
-
- Overview of New 1099 Forms: Stay up-to-date with the latest IRS changes.
- Detailed Breakdown: Dive into Form 1099-NEC, 1099-MISC, 1099-K, and other critical updates.
- Reporting Guidance: Understand exactly what to report and when for different payment types.
- Step-by-Step Mechanics: Explore the entire Form 1099 reporting process in detail.
- Digital Reporting Trends: Learn the latest trends in online and electronic reporting.
Whether you’re a seasoned financial professional seeking to maintain a competitive edge or a newcomer looking to master the essentials, this webinar will elevate your understanding of Form 1099 reporting.
Embrace these changes as opportunities for growth, ensuring compliance while driving success in today’s dynamic tax landscape.
Are you ready for the challenge? 🚀 Join us today and become an expert in 1099 reporting!
Course Agenda
-
- Streamlining Form 1099 Reporting: Learn how to develop an efficient and effective Form 1099 reporting process tailored to your organization’s needs.
- Minimizing Penalties with Best Practices: Discover strategies and procedures that align with the new rules to reduce the risk of penalties.
- Worker Classification Insights: Gain expert knowledge on differentiating between an independent contractor and an employee, a critical aspect under IRS scrutiny.
- Understanding Form 1099, B-Notices, and TIN Penalties: Delve into the relationship between Form 1099, B-Notices (CP2100), and TIN Penalty Assessments (972), and understand their implications.
- Navigating Potential Pitfalls: Identify common pitfalls in 1099 reporting and learn effective strategies to avoid them.
- Key Deadlines and Resources: Stay informed about due dates and discover reliable sources for additional information and ongoing updates.
- And Much More…: Explore a wealth of insights and practical tips to enhance your understanding and application of 1099 reporting requirements.
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.
-
- Streamlining Form 1099 Reporting: Learn how to develop an efficient and effective Form 1099 reporting process tailored to your organization’s needs.
- Minimizing Penalties with Best Practices: Discover strategies and procedures that align with the new rules to reduce the risk of penalties.
- Worker Classification Insights: Gain expert knowledge on differentiating between an independent contractor and an employee, a critical aspect under IRS scrutiny.
- Understanding Form 1099, B-Notices, and TIN Penalties: Delve into the relationship between Form 1099, B-Notices (CP2100), and TIN Penalty Assessments (972), and understand their implications.
- Navigating Potential Pitfalls: Identify common pitfalls in 1099 reporting and learn effective strategies to avoid them.
- Key Deadlines and Resources: Stay informed about due dates and discover reliable sources for additional information and ongoing updates.
- And Much More…: Explore a wealth of insights and practical tips to enhance your understanding and application of 1099 reporting requirements.
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.
