Gain a better understanding of Form 1099 reporting, 1099-NEC and 1099-MISC, common errors, best practices, and responding to IRS penalties.
Nearly every business in the U.S. has some level of Form 1099 reporting obligations, as it is required for payments to U.S. individuals or entities who are not considered employees. However, many businesses are not aware of these requirements and as a result, have received fines and penalties from the IRS. The Service has greatly enhanced its technological capabilities and more companies are now receiving automated notices and penalties for non-compliance. This topic will provide a high-level overview to help U.S. businesses better understand the basic requirements for correctly reporting the information on a Form 1099, with a focus on Forms 1099-NEC (payments for services) and 1099-MISC (payments for rents, royalties, and prizes and awards). It will also address common mistakes and best practices to enhance operational efficiency and avoid penalties. In situations where the IRS has already issued a penalty notice, the material will also discuss the strategies and procedures for drafting a response.
Agenda
Faculty
Andrew McQuilkin
KPMG LLP
- Senior Manager at KPMG LLP Boston
- Practice emphasizes all aspects of information reporting and withholding
- Conducts regular seminars and workshops on numerous issues related to domestic and international information reporting and technology solutions for compliance
- Member, Massachusetts Bar. Patent Attorney, U.S. Patent and Trademark Office
- J.D. degree, Suffolk University School of Law; B.S. degree, University of Massachusetts Amherst
- Can be contacted at 617-988-5857 or [email protected]
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