New Form 1099-NEC
Human Resources
100 Minutes
Friday, August 2,2024
- Wednesday, July 31,2024
STA2024171
Overview
Prior to 2020, the Form 1099-NEC hadn’t been used since Disney opened EPCOT and Michael Jackson’s album Thriller was released. Beginning in 1983 the IRS combined the reporting of non-employee compensation with the 1099-MISC, and there it stayed until certain provisions in the Protecting Americans from the Tax Hikes (“PATH”) Act of 2015 caused the IRS to resurrect the 1099-NEC once again. The main impetus was a change in the deadlines affecting information reporting of compensation (whether on a W-2 or otherwise). To combater identity theft and fraud, the IRS accelerated compensation reporting to January 31 from February 28 (or March 31 if filed electronically). This meant that some 1099-MISCs would be due January 31 (i.e., those that reported non-employee compensation) and others due later. To avoid confusion, the non-employee compensation was moved back to the reintroduced Form 1099-NEC. This course will provide you with everything you need to know about this form, whether you are a payor or a recipient.
Topics covered include :
- The difference between 1099-NEC and 1099-MISC
- Common misunderstandings about 1099 reporting generally
- When 1099-NEC reporting is required
- The difference between employees and independent contractors
- Exceptions to the reporting requirements
- Reporting payments made to attorneys
- Reporting deceased employee’s wages
- Procedures for furnishing statements to recipients of compensation
Speakers
Chuck Borek
Chuck Borek is a practicing attorney and founder of the Borek Group, LLC. Chuck is also a CPA, and his background includes five years as a partner in a public accounting firm. He received his law degree and MBA summa cum laude from the University of Baltimore in 1993, where he was editor-in-chief of the Law Review. He has been teaching professionally since 1989, including four years as an Associate Professor of Accounting and two years as a Visiting Assistant Professor of Law.? He has lectured throughout the U.S. and has conducted both live and Web-based seminars. Chuck's publications include: Legal Issues for Accountants and Auditors (BNA 2015); Borek's Maryland Business Planning Manual (MICPEL 2008); Hospital Accounting (BNA 2018), Contract Drafting and Review for the Maryland Lawyer (MSBA 2015); as well as numerous law review articles.
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