Reporting compliance has long been a source of anxiety for the business owner as well as their accountant. The IRS has been increasing the penalties for failing to comply with these reporting requirements significantly in recent years. Are you sure that you know all the rules for reporting compliance in order to keep your client from being penalized? This course is Part 1 of a comprehensive 3-part series that will help you understand the 1099 information reporting forms.
This Part 1 course will cover the deadlines in effect, the purpose of 1099s, when you should use them, deadlines and compliance rules. We also touch on the new method to apply for electronic filing, as well as covering who is required to receive a1099, and who is exempted from needing a 1099.