New Form 1099 Reporting Requirements: 2023 Compliance Update
🎤 Mark Schwartz | 📅 March 17, 2023 | 🕒 11 AM Eastern Time US
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Description:
1099s report payments made to non-employee service providers, as well as payments to suppliers and other entities you do business with. Think of your own organization:
Can you name all the types of service providers you use?
Do you know which payments are reportable on 1099s, and the minimum amounts you must pay before they are reportable?
There is a new 1099-k threshold for the tax year 2023 that was slated for 2022. The IRS delayed implementation due to the uproar. The 1099-k will now require third-party payment processors like Venmo, PayPal, google-pay, and apple-pay to report all payments over 600 made to you and me. This is down from the previous threshold of $20,000. Needless to say, this new check and balance will require most individual taxpayers, and any companies who use these services, to monitor all payments from all sources and make sure that they are reported.
Note that these payments were always reportable as taxable income. The difference is the IRS will know exactly who paid you and how much. They are now reporting the same as the W2, 1099-NEC, and other 1099s. Attend this live webinar to find out exactly what this means for your business.
Areas Covered in the Session:
- An overview of new 1099 Forms
- Latest Form 1099-NEC, 1099-MISC, 1099k, and any changes to other 1099 form reporting requirements with specifics
- How to know when and what to report
- Step-by-step review of Form 1099 reporting mechanics
- Online reporting trends, and how to report online
Who Will Benefit:
- HR Managers
- Payroll Managers
- Accounts Payable and Finance Dept staff
