This program addresses the Form W-9 TIN solicitation and back-up withholding rules; discusses the reporting and filing requirements for the Form 1099-NEC and -MISC as well as the changes to these forms for 2021; reviews IRS changes to the eFiling system and possible lowering of the paper filing threshold; and examines the details of the proposed regulation that makes changes to the reporting rules for purchases of software and cloud transactions. The presentation also includes a brief overview of the reporting and withholding rules for payments of U.S. source income made to non-U.S. persons.
BENEFITS
Understand the IRS’s TIN solicitation, and backup withholding and reporting requirements, for Form 1099 reportable payments.
HIGHLIGHTS
- Changes to Forms 1099-NEC and -MISC for 2021
- Form W-9 TIN solicitation and backup withholding rules
- Reporting rules for purchases of software and cloud transactions
- Brief overview of reporting and withholding requirements for payments of U.S. source income made to non-U.S. persons
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES
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