Form 1099 - Revisions for 2021

Duration:
60 Minutes  
Instructor
Jason T. Dinesen
Recorded
Refund Policy
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Overview

This webinar will cover the new Form 1099-NEC, last seen in 1983. This is the new form for reporting contract labor. In addition to discussing the new form, we will talk about how to know if someone is a contractor or an employee, and whether or not reimbursements to contractors are reportable.

We’ll also cover Form 1099-MISC changes, and also the most-common boxes on this form and when a business uses them. Examples include: rent, other income (and a discussion of “what is other income?”), medical and healthcare payments, and payments to attorneys.

Why you should Attend

For the first time since the early 1980s, the IRS has changed the way businesses report contract labor payments. No longer do those payments go in box 7 of Form 1099-MISC. Instead, businesses use Form 1099-NEC. This webinar will cover the new form, changes to Form 1099-MISC, and other things to be aware of with 1099s.

Areas Covered in the Session

  • The new Form 1099-NEC
  • Changes to Form 1099-MISC
  • Who is a contractor?
  • Are reimbursements reportable on the 1099?
  • Form 1099-MISC scenarios:
  • What is rent?
  • What is "other income"?
  • What are medical and healthcare payments?
  • When are payments to an attorney reportable?

Who Will Benefit

  • Payroll Professionals
  • Office Managers
  • Bookkeepers
  • Accountants

Speaker Profile

Jason T. Dinesen , LPA, EA is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of educational seminars. Dinesen majored in corporate communications with a minor in management from Simpson College. He started his practice in 2009 and became a public accounting firm in 2013. Jason has been presenting on various tax topics since 2012, and now gives webinars almost daily.
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