1099 Changes and Best Practices

Overview:

This program addresses the Form W-9 TIN solicitation and back-up withholding rules; review current IRS enforcement initiatives with regard to backup withholding failures; discuss the reporting and filing requirements for the new Form 1099-NEC as well as the changes to the Form 1099-MISC. The presentation also includes a brief overview of the reporting and withholding rules for payments of U.S. source income made to non-U.S. persons.

**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.

Objectives:

• Understand the IRS’s TIN solicitation, and backup withholding and reporting requirements, for Form 1099 reportable payments

Topics Discussed:

• New and continuing IRS enforcement initiatives for backup withholding failures
  
• New Form 1099-NEC and revised Form 1099-MISC
• Form W-9 TIN solicitation and backup withholding rules
• Brief overview of reporting and withholding requirements for payments of US source income made to non-US persons

Designed for: Tax and Accounting professionals and their clients

Level: Update

Instructor: Marianne Couch, JD

Developer: Steven C. Dilley, Federal Tax Workshops

CPE Credits: 2

Area(s) of Study: Taxes - Technical

Prerequisite: None