Master Guide to Form 1099 Compliance | E-Book

 2021 Master Guide to Form 1099 (E-Book)

Last revised: November 30, 2021

The 2021 Master Guide to Form 1099 Compliance provides detailed instruction surrounding the reporting rules, regulation updates and changes, and provides indexed information for the very wide range of 1099 reporting scenarios that you could encounter in AP.

Sections clarify the use of Form W-9; the second year of new reporting on Form 1099-NEC; payments reportable on Form 1099-MISC; payee types that are exempt from being reported; backup income tax withholding requirements; handling IRS “B” notices and proposed penalty notices; 1099 reporting requirements for settlements and attorney payments; filing to the IRS; furnishing recipient copies as required to vendors and others; and more.

Form 1099 reporting for 2021 requires close attention to IRS changes and the need for updates to your procedures and systems:

  • NEW mandates for more electronic 1099 filing to the IRS: Changes in the tax Code and regulations may require you to file all of your information returns electronically to the IRS FIRE System, even if you’ve been permitted to file 1099 original returns and corrections on paper in prior years.   
  • Changes in Form 1099-NEC and 1099-MISC for 2021: The IRS has made further changes for reporting in some boxes for 2021 on the Form 1099-NEC which reports “Nonemployee Compensation” and on 1099-MISC which reports “Miscellaneous Information”.
  • IRS crackdown on Backup Withholding compliance continues in 2021-2022: Learn how these IRS inquiries and examinations affect your organization, and exactly what the federal income tax Backup Withholding regulations require your organization to do throughout the year for compliance.

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