Speaker: Debra R. Richardson
As we approach the 2024 tax year, significant changes to the IRS 1099 reporting process are on the horizon. Understanding these updates is crucial for your company to ensure compliance and avoid penalties. This presentation will cover the essential updates and their implications.
Key Topics:
- Filing Deadlines: Deadlines for 1099 distribution to vendors and 1099 reporting to the IRS, including the new form for extension requests
- Electronic Filing Requirements: Review 1099 electronic filing options and updates
- Form 1099-NEC Changes: Updates to the Nonemployee Compensation form, including threshold and reporting criteria.
- Form 1099-MISC Changes – Updates to the Miscellaneous Information Form, including threshold amounts and reporting criteria
- Penalties for Non-Compliance: Review of the penalty chart for late or incorrect filings.
- Reportable Payment Changes: Revisions to the types of payments that need to be reported, including gig economy payments.
Learning Objectives:
- Gain a comprehensive understanding of the latest 1099-NEC and 1099-MISC reporting updates.
- Understand the latest on electronic filing options
- Stay informed on changes to payment reporting rules
- Identify the reporting deadlines and extension options available
Join us to ensure you are prepared for the 2024 tax season with the latest information on requirements for accurate and effective 1099-MISC/NEC reporting.
