September 2020: Getting a Jump on 1099 Season

September 29, 2020

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IOFM’s Tools Will Simplify Your 1099 Season

Year-end and 1099 season can be stressful times. Dealing with new or updated forms and evolving regulations is never easy. But IOFM is here to help. We’ve assembled a collection of timely articles, Expert Answers, webinars and training resources to make sure you have everything you need. And our team is always standing by!

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What's a Form 1099-NEC?

Non-employee compensation—payments for independent contractor services—have traditionally been reported on Form 1099-MISC. But beginning in 2021 for 2020 payments, those amounts will now be reported on a 1099-NEC. Find out more about this form and how this change impacts the 1099-MISC.

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What About Outsourcing?

With 1099 season approaching, AP professionals must educate themselves about changes made by the IRS during the year. However, if 1099s seem like a time-consuming moving target, maybe you should consider outsourcing. The trick is knowing what to keep in-house and what to outsource.

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Reporting Small Business Grants

A Member who works for city government asked our experts what to do about small business recovery loans made until CARES Act funds could be disbursed. Her organization is considering converting those to grants that don’t need repayment—but how should they be reported to the IRS?

See the Answer

 

 

New AP Certification Brochure

IOFM is proud to have enabled over 25,000 of your peers to demonstrate that they are best-in-class by completing our world-renowned Certification programs. Learn more about the benefits, the process and the content in our new AP Certification Brochure.

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1099-NEC Compliance Webinar – September 24th

IOFM’s September 24th Compliance Webinar is one you truly can’t afford to miss. It will address the changes to Form 1099 reporting for tax year 2020 – the first year when Accounts Payable is required to file both Form 1099-MISC and the new Form 1099-NEC.

Register Today

 

 

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