As another year approaches, new requirements have been added to the 2024 General Instructions for Certain Information Returns, published by the IRS, affecting how certain payments must be reported. In this ever-evolving landscape of 1099 forms and regulations, it's crucial for business owners to stay informed.
Business owners must first determine which payments to vendors and individuals are reportable, and then understand which form to use. With the "Tax Gap" continuing to grow, leading to higher taxes for compliant taxpayers, the IRS is using penalties and revenue from 1099 reporting errors to help close this gap.
Learning Objectives
- Compare the differences and reporting requirements for 1099-MISC and 1099-NEC (non employee compensation),including revised rules for reporting payments to attorneys for settlements and fees
- Review the updated regulations and penalties for non-compliance
- Examine other recent updates to 1099 reporting requirements
Marcia L. Miller, MBA, EA is President and Owner of Financial Horizons, Inc.
Marcia’s experience spans over four decades of Accounting, Tax and Management Consulting for a practice with emphasis on representing Small Business Owners in all aspects of Taxes, Employment & Labor Issues, Pensions, Estate Planning as well as Federal, State (Nationwide) and Foreign mandatory reporting.
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2 Comments
Eleanor Fant
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Shahnewaz Sakil
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