All Businesses, government agencies, nonprofit agencies, and even churches must file Form 1099-MISC when they make payments that require it. Few actually file them properly and the penalties can literally ruin your business!
All Businesses, government agencies, nonprofit agencies, and even churches must file Form 1099-MISC when they make payments that require it. The problem is, few actually do. In this course you will learn why filing Form 1099-MISC is important, who must file, who you need to send it to, the info you need from vendors and how to complete Form 1099-MISC.
Over the past few years, the Congress and the U.S. Treasury Department have taken aggressive steps to ratchet up enforcement of Form 1099 compliance by small business and organizations.
Their goal: to reduce the tax gap, the difference between the amount they should be collecting and the amount of tax actually collected. It is the IRS’s long-standing belief that the largest cause of unpaid tax in the US is the result of businesses and organizations not filing Form 1099-MISC. In their most recent enforcement action (2015), Congress doubled the penalty for businesses who do not file forms 1099, the second major increase in the past few years.
The penalty for not filing any return, including Form 1099-MISC, increased to $250 per form ($260 at the time of my writing due to inflation). The Intentional Disregard penalty increased to $500 per form (now $530). Worse yet for small business owners, these penalties can be applied separately to 1) Not filing the forms with the IRS, and 2) Failing to provide a copy to the recipient, effectively doubling them! The potential penalty for not filing a single 1099-MISC? $1,060 per unfiled 1099-MISC!
These penalties can literally, put you out of business!
Want to avoid these costly penalties? You need to know the rules. Do not rely on your outsourced bookkeeper or tax preparer to handle this for you. Bookkeepers seldom have the information they need to file your 1099s and tax season starts too late to meet the deadlines. You need to know the rules! Avoid 1099-MISC Penalties! Learn what you need to know to keep your business, organization, or your business clients in compliance. Take our 1099-MISC Basics Course!
Remember, the potential penalty for not filing a single 1099-MISC? $1,060 per unfiled 1099-MISC!
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.
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
The 1120-H course is the second course that I’ve taken and both classes have been very informative and helpful. The courses have been easy to follow along with and if I have a question they are quick to get back to me and help me understand the issue. I would highly recommend OvernightAccountant classes.- George, York, PA, 1120-H Basics Course
Thanks for offering Overnight Accountant!- Josh, Charles Town, WV, 1099-MISC Basics Course
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