Form 1099 and Form 1042-S Update for 2023 Reporting | Product

This essential year-end update will help you prepare to handle the changes in IRS forms, IRS instructions and federal tax Regulations which affect 2023 year-end reporting on Forms 1099-NEC (Nonemployee Compensation), 1099-MISC (Miscellaneous Information), some other Forms 1099 and Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding). 

Topics include:

• Regulations affecting the mandate for filing electronically to the IRS
• Regulations affecting the reporting of payments for “cloud” transactions and digital content
• Updates to IRS forms and form instructions
• Updates to Codes used on Form 1042-S 
• Due dates for 2023 filing to the IRS and furnishing statements to payees
• Alerts on issues still pending in IRS and federal Treasury which could impact 2023 reporting including Form 1099-K

Learning objective:

Identify changes for 2023 which your organization will need to incorporate into year-end 1099 and 1042-S preparation