In 2020, Form 1099-NEC replaced Form 1099-MISC for Reporting Nonemployee Compensation. Both forms are now required for many businesses and organizations. If you are looking for 1099 training for 2020 and later years, please check out our Form 1099-NEC and Form 1099-MISC Training Course.
Once purchased, you own the course and can use it over and over again to train employees and clients! Best of all, our Form 1099-MISC Training Course dovetails with our Employee vs. Independent Contractor Training Course, making them a perfect pair for comprehensive instruction.
Why is Form 1099-MISC Training Important? The US Treasury Department believes (rightly so) that the most significant cause of unpaid tax in the United States is small businesses and organizations failing to file required Form 1099-MISC. To combat this noncompliance epidemic, 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 Form 1099-MISC when required (and adjusted them for inflation). The penalty for not filing a single 1099-MISC is now $260+. The penalty for intentionally disregarding Form 1099 filing requirements is $530+ for each 1099.
Making matters worse is the fact that these penalties can be assessed separately to 1) Failing to file Copy A of Form 1099-MISC with the IRS, and 2) Failing to provide Copy B of Form 1099-MISC to the recipient, effectively doubling the penalty for each 1099!
More than a handful of unfiled 1099s can force a business or organization to close its doors forever. Those who are responsible may lose their jobs or face accusations of negligence.
Why Overnight Accountant 1099-MISC Training? Our Form 1099-MISC Training Course is designed to help your business, organization, or clients remain in compliance and avoid penalties. You own the course and can use it over and over to train employees. The course includes a Workbook and Answer Guide, a Certification Test and Answer Guide, and even a Frame-Worthy Certificate for students who satisfactorily complete the training.
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If your employees, clients, HR, or payable department need comprehensive training on Employees and Contractors as well the consequences and defenses of misclassification, please check out our Employee vs. Contractor Training Course.
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.
Great course!- Donna L, Phoenix, AZ, 1099-NEC & 1099-MISC Course (Training Edition) Course
Jam packed with info. I feel ready to finalize the year and tackle my taxes!- Cassie, Biloxi, MS, Real Estate Agent Tax-Cut Library, Agent Edition Course
I found the course informative, and it met my needs. We have a fairly straightforward and non-complex HOA currently with few expenses and only assessments as revenue, so the course was extremely relevant, and I was able to ensure I was filling out the correct tax form and populating the appropriate fields. I have materials now that also explains why we are using the 1120H and the methodology behind it. So overall very pleased with your course materials! I would recommend it to anyone in a similar situation.- Chris L, Nashville, TN, 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