IRS 1099 Compliance overview:
As a way for organizations like yours to limit salary costs and respond to the ebb and flow of business, the use of independent contractors is on the rise.
As you’re undoubtedly aware, Form 1099 helps the IRS track payments made by businesses to other taxpayers (these same independent contractors). But who can be classified as an independent contractor can be confusing. To further complicate matters, there’s more than one type of 1099 form. And there’s the W-9 and the W-8 to sort out. Not knowing the differences can lead to costly penalties.
Understand Form 1099 reporting rules. Find out what to do if you’re penalized. Enroll now in IRS 1099 Compliance
, a new one-hour Webinar packed with the most up-to-date information you need. Sign up today!
A glimpse at the critical information we’ll cover:
- Recognize the criteria that make someone an “independent contractor”
- Understand the varying relationships that require the filing of the different 1099 forms
- How to best communicate with payees so you get complete information for 1099 filing
- Know when to use forms W-9 and W-8 to collect information from payees
- Recognize the requirements for “backup withholding”—when to do it and how much to withhold
- Review the changes to penalties that can be assessed for failure to comply
- Understand the guidelines, deadlines and forms to stay in compliance
- Know how to fight any proposed penalties the IRS may levy against your company
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