Impact of New IRS Requirements on 1099 reporting for Direct Sellers

Thursday, August 20, 2020 (1pm - 2pm US/Eastern)

For 2020 tax reporting season, the IRS has resurrected Form 1099-NEC for businesses reporting nonemployee compensation payments. At the same time, the agency also overhauled Form 1099-MISC for reporting other income. As a result, many Direct Sellers are realizing that they may need to report two 1099 forms to the same recipient for this season.
• When do Direct Sellers need to issue Form 1099-NEC versus Form 1099-MISC?
• What can Direct Sellers expect from the IRS to help alleviate the duplicate tax reporting burden?
• How are state tax jurisdictions implementing these changes?
Join Sovos and the Direct Selling Association (DSA) as we review how the changes impact Direct Sellers and relief that we hope is on the way to alleviate some of the associated challenges.
Learn About
• How to read and report Form 1099-NEC
• How the 1099-NEC impacts 1099-MISC reporting, backup withholding and state reporting
• How to update your 1099-MISC and 1099-NEC reporting processes and prevent errors
Speakers:
Wendy Walker, Solution Principal, Sovos
Gerry Nelligan, Regulatory Analysis, Sovos

Cancellation and Other Policies:

Materials and presentations provided as a part of this virtual event are intended for attendees of this meeting. Distribution without prior written consent from DSA is not allowed.