Critical Form 1099 and 1042-S Compliance Issues for 2024 | Product

The current issues of highest impact on tax information reporting compliance will be covered in this new presentation, including:

• Nearly all 1099 and 1042-S filers are now required to file electronically for all their information returns 
• New or updated IRS electronic filing systems
• Increase in monetary penalties for failures to file in the manner required, failure to file correct information, and filing late
• Revisions to the forms, procedures and acceptable reasons for requesting due-date extensions or temporary relief from the electronic filing requirement. 

The program offers a review of the Form 1042-S and the types of Forms 1099 most often required for payments processed through Accounts Payable, what information each form requires, and the deadline dates for filing to the IRS and furnishing copies to recipients.  In addition, we’ll review IRS updates on the availability of extensions and whether relief from all-electronic filing could be available.  And the program includes a review of which forms are accepted in the several IRS electronic filing programs – FIRE, IRIS, MeF – and what’s required from your organization in order to file in each system.

Learning objectives:

• Identify your organization’s options for filing Forms 1099, 1042-S and 1042 electronically to the IRS – including the FIRE system, IRIS portal system, IRIS bulk filing A2A system and MeF for Form 1042 
• Use current forms or procedures to request extensions or other compliance relief.