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.
Why you should Attend:There are 16 different types of 1099s the IRS requires you to report certain payments on. Do you know when to use them, and what payments go where on each form? Do you know what kinds of workers can be considered independent contractors? If you mistakenly classify employees as I/Cs, and the mistakes are caught in an audit, the back tax liability can be devastating. You cannot afford to only grasp the basics.
Learn the ins and outs of 1099 filing requirements in this must-attend session. In this webinar, we discuss:
Areas Covered in the Session:
And much more...
Who Will Benefit:
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