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2024 Filing Season Changes For 1099 Reporting
- Information Returns: 2024 updates to 1099 Forms
- Reporting and filing requirements for 2024 returns filed in 2025.
- Information Returns: What they are and using the Guide to Information Returns
- Common 1099 errors - how to prevent them and how to correct them.
- Taxpayer identification number basics: Which number to use.
- Form W-9: documentation that establishes reportable and non-reportable payees.
- Due diligence procedures avoid or mitigate penalties.
- Penalties for late or incorrect 1099 Forms.
- Procedures and policies that establish "reasonable cause" and avoid penalties.
After this webinar you will:
- Be prepared for filing 1099 Forms
- Be aware of any changes to electronic filing for 2024 forms filed in 2025.
- Know the due dates for furnishing and filing information returns.
- Be aware of the IRIS system and how to apply for an IRIS Transmitter Control Code (TCC).
- Be aware of common 1099 errors: Know how to avoid them and how to correct them.
- Understand how Form W-9 can assist in determining when a 1099 is required.
- Be aware of backup withholding requirements and “B” notices.
- Be aware of best practices such as TIN solicitation and TIN verification that can avoid or mitigate penalties for missing or incorrect vendor Tax ID numbers.
- Know when the payment card rules apply and how 1099 reporting is affected.
Overview of the webinar
This webinar will discuss updates to Forms in the 1099 Series for 2024. It will discuss information return reporting requirements and filing methods including the IRIS (Information Return Intake System) portal, how to access it and use it to file information returns. The webinar will also cover withholding requirements, reporting guidelines and best practices for compliance assurance and penalty avoidance.
Who should attend?
- CFOs and controllers
- Accounts payable
- Accounting managers
- Accounts payable processing professionals
- Employers
- Business owners
- Purchasing managers and professionals
- Public accountants
- CPAs
- Enrolled Agents
Why should you attend?
The IRS is beefing up technology and staff to enhance enforcement to reduce the tax gap including actively targeting enforcement measures on information reporting compliance. Penalties for non-compliance are now indexed and increase each year. It is more important than ever that 1099 Forms be prepared correctly, filed and furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties.
In order to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients in order to be on-time, which information to include and how to make sure it is accurate, how and when to make corrections, how to avoid or mitigate errors, whether a particular payee is subject to backup withholding or transaction reporting, and the due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.
The IRS has finalized and implemented regulations which reduced the e-filing threshold for information returns to 10 forms from 250 and made changes for e-filing methods. This session will provide the latest information available regarding regulatory and technology changes and what you can do to prepare for compliance in filing returns for 2024 and beyond.
Faculty - Mr.Patrick A. Haggerty
Patrick A. Haggerty is a tax practitioner, author, and educator. His work experience includes nonprofit organization management, banking,manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent tax payers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including payroll tax issues, FLSA compliance, and information return reporting.