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December 2, 2020
2020-2787

Wednesday, December 16 | 2020 Forms 1099 and 1042-S: What filers need to know to properly file their 2020 information returns (1 pm ET)

Reporting season for Forms 945/1099 and 1042/1042-S is once again upon us, and we have a new Form 1099-NEC to file for the first time, as changes to other filing requirements also continue to evolve. How to populate required dollar amounts, codes and information into the IRS format is subject to change each year and is not always as straightforward as filers would expect. What are this year’s newest challenges? What should a filer think about to help make sure their information is complete and correct before filing? Join Ernst & Young LLP professionals for answers to these questions and a practical discussion of how to manage filing their information returns for 2020.

In many ways, year-end reporting is the culmination of a company’s daily information reporting and tax withholding compliance programs and can be an opportunity to highlight challenges and improve current process, procedures and systems. While technology has assisted many companies in establishing more efficient and accurate reporting procedures, the IRS has similarly incorporated new technology to employ “data analytics” techniques to analyze information returns and improve their ability to identify errors. This makes accurate reporting more important than ever.

The following topics will be discussed:

  • New IRS Form 1099-NEC, Nonemployee Compensation
  • Other new 2020 information reporting and withholding developments
  • How to properly convert Form W-9 and W-8 information into correct Form 1099 and 1042-S filings
  • Sample scenarios addressing best practices and common errors

Date: Wednesday, 16 December 2020

Time: 1:00–2:30 p.m. EST New York; 10:00–11:30 a.m. PST Los Angeles

Registration: View archive here.

Panelists

  • Maria Murphy, Principal, Financial Services Organization, Tax, Ernst & Young LLP

  • Todd Larsen, Managing Director, National Tax Department, Tax, Ernst & Young LLP

  • Alexandra Cruz, Senior Manager, Financial Services Organization, Tax, Ernst & Young LLP

Moderator

  • Debbie Pflieger, EY Americas Information Reporting and Withholding Services Leader

CPE credit offered: up to 1.8 depending on actual duration. Recommended field of study: Taxes. Learning objective: Explain recent information reporting and withholding developments and understand how to manage 2020 information return filings. This intermediate level, group internet-based course has no prerequisites or advanced preparation. Final CPE award to be based on content, polling and length of participation. See CPE FAQ for more information.

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