1099 MISC and NEC Filing: 2024 Updates

OVERVIEW

With the recent updates to Forms 1099-MISC and 1099-NEC, the 1099 filing season has added a whole new layer of complexities. Whether you are new to the 1099 filing process or seeking an update, this course will help minimize 1099 filing mistakes while breaking down the toughest 1099 payee and reporting situations as part of an in-depth box-by-box review of the revised Forms 1099-MISC and 1099-NEC.

In this webinar, 1099 expert Jason Dinesen (EA, LPA) will walk through common issues related to documenting, validating, and reporting payee information on IRS Forms 1099-MISC and 1099-NEC. He will also explain best practices for addressing many of the common issues that come up on the new 1099 forms.

WHY SHOULD YOU ATTEND?

Both the 1099-MISC and 1099-NEC forms are essential tools for ensuring proper tax reporting and compliance for miscellaneous and nonemployee income. Understanding when and how to use these forms is crucial for businesses and individuals involved in such transactions.

Staying informed about the changes to 1099-MISC and 1099-NEC filing requirements is crucial for businesses to maintain compliance and avoid penalties. As the IRS continues to refine reporting processes, understanding these updates will help businesses manage their tax obligations efficiently.

AREAS COVERED

Identify how to address Form 1099-NEC and MISC’s trickiest boxes.
Determine which boxes to report non-qualified deferred compensation.
Recognize W-9 document validation best practices with a focus on situations when multiple names are provided, handling undocumented payees, exempt organization payees, and IRS TIN Match Program best practices.
Identify categories of payees and payments that are both reportable and not reportable, plus identify service payments that also require the reporting of a related good.
Discover recent 1099 reporting changes including specific to forms 1099-NEC 1099-MISC.
Recognize how to identify the reportable payee when you pay sole proprietors, LLCs, payee's merged or bought by another, S-Corps, agents, or middlemen.

TOPIC BACKGROUND

The 1099 forms, particularly the 1099-MISC and 1099-NEC, are crucial documents in the U.S. tax system for reporting various types of income. The 1099 series forms are used in the United States for reporting various types of income other than wages, salaries, and tips, which are reported on a W-2 form. Among these, the 1099-MISC and 1099-NEC forms are widely used by businesses and individuals for reporting payments made to non-employees, independent contractors, freelancers, and other entities.

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Jason Dinesen

Tax Expert

About speaker

Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses. Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community.

Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more. He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting.

He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics.
Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa.
Jason was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 4 cats and 2 dogs. His other hobbies include being a season ticket holder to University of Iowa football.