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AP Now Episode 72: Mary Schaeffer with Steve Mercatante on 1099 Reporting Issues
See 1099 Programs at AP Now at https://www.ap-now.com/public/1099-Resources-for-2020.cfm
Sign up for AP Now’s free twice-a-week ezine.
Use box at left of www.ap-now.com
1099s and new issues related to them are the hot topics in this episode of the AP Now podcast. Mary Schaeffer is joined by industry expert, Steve Mercatante, Esq. from TIR Consulting. He shares his expert insights on three of the many new issues every organization will have to face.
He begins discussing the new 1099 form, the 1099 NEC. This will be used starting with the reporting done in January 2021 for some of the information formerly reported on the 1099 MISC. So, of course, that means a new 1099 MISC form as well. These forms are anything but simple to fill out.
He then moved on to discuss the fact that the new 1099 NEC is not included in the combined Federal/State reporting system. That creates a whole new set of issues for organizations reporting.
And if you were thinking that you’d get an extension due to the state of emergency created by COVID, Mercatante warns that there is no indication the IRS will grant them (although he says it doesn’t hurt to try) nor is there any indication the introduction of the new form will be postponed. All in all, it is shaping up to be a really hectic tax reporting season/
Host: Mary Schaeffer (https://www.ap-now.com/)
Guest: Steve Mercatante (https://www.taxinformationreporting.com/ )
Credit: Music: https://www.purple-planet.com
View all episodes
By Mary Schaeffer
5
1010 ratings
See 1099 Programs at AP Now at https://www.ap-now.com/public/1099-Resources-for-2020.cfm
Sign up for AP Now’s free twice-a-week ezine.
Use box at left of www.ap-now.com
1099s and new issues related to them are the hot topics in this episode of the AP Now podcast. Mary Schaeffer is joined by industry expert, Steve Mercatante, Esq. from TIR Consulting. He shares his expert insights on three of the many new issues every organization will have to face.
He begins discussing the new 1099 form, the 1099 NEC. This will be used starting with the reporting done in January 2021 for some of the information formerly reported on the 1099 MISC. So, of course, that means a new 1099 MISC form as well. These forms are anything but simple to fill out.
He then moved on to discuss the fact that the new 1099 NEC is not included in the combined Federal/State reporting system. That creates a whole new set of issues for organizations reporting.
And if you were thinking that you’d get an extension due to the state of emergency created by COVID, Mercatante warns that there is no indication the IRS will grant them (although he says it doesn’t hurt to try) nor is there any indication the introduction of the new form will be postponed. All in all, it is shaping up to be a really hectic tax reporting season/
Host: Mary Schaeffer (https://www.ap-now.com/)
Guest: Steve Mercatante (https://www.taxinformationreporting.com/ )
Credit: Music: https://www.purple-planet.com
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