Faculty: Mark Schwartz | Code: P2078
The New Form 1099: Unveiling Reporting Requirements
Delve into the world of the new Form 1099, designed to report payments made to non-employee service providers, suppliers, and business associates. Take a moment to consider your own organization:
Can you confidently identify all the types of service providers you engage with?
Do you possess knowledge of which payments are reportable on the Form 1099, as well as the minimum thresholds triggering reportability?
Stay informed about the latest updates! For the tax year 2023, a revised threshold for the Form 1099-K was introduced, initially planned for 2022 but postponed due to public outcry. Notably, third-party payment processors like Venmo, PayPal, Google Pay, and Apple Pay are now mandated to report all payments exceeding $600 made to individuals and businesses. This new threshold marks a significant decrease from the previous requirement of $20,000. Consequently, both individual taxpayers and service-utilizing companies must diligently monitor payments from various sources to ensure accurate reporting.
It is important to note that these payments have always been subject to taxation. However, the key difference lies in the IRS now possessing detailed information about the payers and payment amounts, aligning with the reporting standards of W2, 1099-NEC, and other 1099 forms. Join our live webinar to gain a comprehensive understanding of the implications for your business.
Stay ahead of the curve and navigate reporting requirements with confidence. Register now for our informative webinar and seize the opportunity to equip your business with the knowledge it needs.
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Speaker Bio: Mark Schwartz
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that means to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits.
Mr. Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Mark has represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.
Mark prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs and feels that educating clients toward faster, accurate and more complete payroll processes provide the most value.
Mark is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. Mark is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.