In 2020, the IRS dusted off and re-introduced Form 1099-NEC, Non-employee Compensation. Form 1099-MISC was changed to remove its most commonly reported payment, self-employment income. If you're hoping to learn the rules for Form 1099-NEC and Form 1099-MISC or seeking practical 1099-NEC and 1099-MISC training, look no further! Overnight Accountant's training course covers everything needed to correctly report 1099-NEC, Nonemployee Compensation, and the most common 1099-MISC payment: Rents.
Once purchased, you own the course and can use it over and over again as a reference or a training tool for your employees. Best of all, our Form 1099-NEC Training Course dovetails with our Employee vs. Independent Contractor Training Course, making them a perfect pair for comprehensive instruction.
Why is Form 1099 Training Important?
The US Treasury believes (rightly so) that the primary cause of unpaid tax each year is small business owners failing to report self-employment income. Why? Because businesses and organizations fail to complete Forms 1099-MISC and Form 1099-NEC when required.
To combat this rampant non-compliance, the IRS added two Perjury-Trap / Intentional Disregard 1099 questions to all business returns in 2011. Then, in 2015, congress drastically increased the penalties for not filing 1099 forms when required (and adjusted them for inflation). In 2020, for example, the penalty for not filing a single 1099 can reach as high as $1,100! That's $1,100 for EACH 1099-NEC or 1099-MISC missed because someone ignored the rules.
For the first time in history, the disregard of 1099 filing requirements can force small businesses to close their doors forever. Nonprofits and government agencies are equally vulnerable. Those responsible for resulting penalties may face losing their job, accusations of negligence, or even potential lawsuits.
Another non-compliance hazard is the failure to withhold and remit Backup Withholdings from payees when required. The penalty for overlooking these rules can also kill a business. It’s equal to the amount you should have withheld. It's also a penalty for which responsible individuals can be PERSONALLY liable!
Why Overnight Accountant's 1099-MISC and 1099-NEC Training Course? Our Form 1099-NEC & 1099-MISC Training Course helps businesses, organizations, and professionals remain in compliance and avoid penalties. Best of all, when you purchase our course, you own it. Watch it over and over when you need a refresher or have a question. Make it part of your Employee Training Program.
Additional Materials: The course includes a ton of printable resources related to Form 1099-MISC and Form 1099-NEC. It also includes Workbook with Answer Guide, a Test and Answer Guide, and even a Frame-Worthy Certificate for students who complete the training.
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All courses and articles are for informational purposes only and do not constitute tax advice. Taxes are complicated - do not act on course information without consulting a professional. Always refer to treasury regulation before making any tax decision. Read the full disclaimer.
I just completed the 1099-NEC/MISC course - this was very helpful to me. It is greatly appreciated.- Tammy L, Anchorage, AK, 1099-NEC & 1099-MISC Training Course Course
This course package is thorough and will give you a solid handle on how to optimize your business expenses to minimize your taxes and keep appropriate records to handle any IRS challenges. Only want to dive into a particular topic? Jump to that video and scan forward to where your issue is addressed. Or watch the whole series to learn it all!- Josh, Charles Town, WV, Real Estate Agent Tax-Cut Library, Agent Edition Course
Your video class on this issue (HOA taxes) has given me the confidence to go forward.- Desmond, Frederick, MD, 1120-H Basics Course
I haven’t practiced in the accounting field in quite some time and wanted a refresher. The Overnight Account course 1099-Misc Basics was very helpful! It was simple to follow along and understand each section. I would highly recommend this course! Staff were quick to answer my question as well. I love that I can review the modules again, if needed, at any time. I will definitely be using them again for more classes.- Tammy, Anchorage, AK, 1099-MISC Basics (Training Edition) Course
I haven’t practiced in the accounting field in quite some time and wanted a refresher. The Overnight Account course 1099-Misc Basics was very helpful! It was simple to follow along and understand each section. I would highly recommend this course! Staff were quick to answer my question as well. I love that I can review the modules again, if needed, at any time. I will definitely be using them again for more classes.- Tammy, Anchorage, AK, 1099-MISC Basics Course
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