2021 IRS and State Reporting Changes for Forms 1099-NEC & 1099-MISC

Thursday, September 23, 2021 (1pm - 1:45pm US/Eastern)

For 2021 tax reporting season, the IRS has made changes to Form 10990-NEC. The changes are geared directly at providing flexibility for Direct Sellers in their annual tax reporting obligations to help them minimize the issue of having to send both a 1099-MISC and a 1099-NEC for some resellers. The Treasury Green Book proposals include a provision to require all businesses making payments subject to backup withholding to collect certified TINs (a.k.a., Form W-9). This significant change would impact Direct Selling Companies processes for collecting TIN information and could increase the risk of 24% backup withholding liability.
• What are the IRS changes to both Forms 1099-NEC and 1099-MISC and how does that impact Direct Selling Companies? What are the changes to Form 1099-K?
• What changes have states made to the requirements for reporting Form 1099-NEC and Form 1099-MISC?
• How might the proposed changes in Form W-9 requirements in the annual Treasury Green Book impact Direct Selling Companies {as early as January 1, 2022}?

Join Sovos and the Direct Selling Association (DSA) as we review how the changes impact Direct Selling Companies and relief that we hope is on the way to alleviate some of the associated challenges.
Learn About
• 2021 IRS reporting requirement updates for Forms 1099-NEC, MISC and K
• How the new requirements impact annual Direct Selling Companies IRS and state tax reporting obligations,
• How to prepare for the proposed changes to Form W-9 obligations for Forms 1099-NEC, MISC and K payments, and
• Tips for preparing organizational processes to prevent errors and subsequent IRS and state penalties.

Wendy Walker
Solution Principal,
Sovos
Wendy is the Solution Principal of tax information reporting at Sovos. Wendy has over 16-years of successful tax operations and compliance leadership experience with emphasis in large financial institutions. Prior to joining Sovos, Wendy was a Consulting Director at CTI Technologies, supporting global financial institutions related to Chapter 3, Chapter 4 and Chapter 61 issues. Wendy also spent more than 10-years building tax compliance programs for Zions Bancorporation and leading tax operations and withholding teams at JP Morgan Chase.

Paul Ogawa
Regulatory Analysis,
Sovos
Paul is a Supervisor for the Tax Information Reporting (TIR) Regulatory Analysis & Design Team at Sovos Compliance. In addition to managing a team of regulatory counsels his main areas of focus are state and federal tax withholding, domestic tax information reporting, Affordable Care Act (ACA) information reporting, and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Massachusetts. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University, and his J.D. from the Suffolk University Law School.

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