2022 Update for IRS Form 1099-NEC and 1099-MISC Reporting

This webinar will cover Form 1099-NEC for independent contractors as well as Form 1099-MISC for reporting payments like rent. We'll also go over Form 1099-K and how to deal payments made through apps like PayPal and Venmo. IRS penalties for failing to file correct 1099s continue to rise, and the IRS is tightening its grip on 1099-related compliance, such as backup withholding Program and cover backup withholding.

Why should you attend?

Form 1099 reporting has always been difficult, and changes in 2021 and 2022 will add to the reporting burden. A change to reporting on a form called a 1099-K, which has an interaction with contract labour reported on the 1099-NEC, was tucked away in the American Rescue Plan. More and more contractors are accepting payments through apps like Venmo; how are those payments reported? Or are they even reported? These are some of the topics covered in this one-hour webinar.

Attendees will have a better understanding of 1099s, as well as how to stay in compliance and avoid penalties.

Areas covered:

• Overview of 1099s
• What’s new for 2022 – the electronic filing mandate is changing
• Form 1099-K, Venmo, PayPal, and other payment apps: to issue or not to issue?
• CP-2100 letters: what they are and how to respond
• Form W-9 and backup withholding
• 1099-MISC discussion
• As time allows: contractor versus employee

Please contact "Skillpreceptor" customer care if you have any questions or need assistance with your registration.