Скачать или смотреть Everything Cosmetology Schools Need To Know About 1099's

In This Episode, You’ll Learn:





1.


What is a 1099?

Explore the purpose of the 1099 form and why it’s essential for non-employee compensation.

Learn how the 1099-NEC (Non-Employee Compensation) replaced the older 1099-MISC for services.




2.


Who Gets a 1099?

Discover which independent contractors and unincorporated vendors qualify.

Understand exceptions for corporations, law firms, and rental payments.




3.


When to Provide a 1099

Get clarity on the January 31st deadline for sending 1099s to vendors and filing with the IRS.

Learn the importance of collecting W-9 forms upfront to avoid hassles.




4.


Why Provide a 1099?

See how timely 1099 filings keep you compliant and maintain transparency with the IRS.

Understand how it helps vendors accurately report income and prevents disputes.




5.


Consequences of Not Filing

Find out how late or missing 1099s can result in fines ranging from $50 to $280 per form.

See how audit risks and reputational damage can impact your school.




6.


Best Practices for Managing 1099s

Use accounting software (QuickBooks, Xero) for automated tracking.

Stay organized with regular vendor payment reviews and proper record-keeping.

Partner with a CPA for guidance if you’re unsure about compliance.




7.


Common Misconceptions

Clarify myths like: “I only paid them once,” or “They’re responsible for their own taxes.”

Understand how payments via PayPal or credit cards fall under 1099-K rules, not 1099-NEC.




8.


Real-Life Scenarios

Guest instructors, IT consultants, and unincorporated landlords—all need correct 1099 treatment.

Learn from practical examples to ensure every eligible payment is properly reported.




9.


Pro Tips for a Smooth Tax Season

Plan ahead, verify information early, and educate your staff on 1099 obligations.

Leverage technology to reduce errors and time spent manually preparing forms.