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@compliance-professionals-hub
Form I-9 Compliance Update for 2022
If you are doing business in the United States of America or employed in the United States or an employer, then you probably fill out the I-9 Form. This form is a significant form that authorizes your eligibility to work in the United States. And I suppose as an employer, you must be aware of the extended flexibility of the DHS for the Physical I-9 inspection that is April 30, 2022. In the wake of Covid-19, DHS has decided to advance its audit date. So today, we will discuss all the subtle and significant updates and requirements of Form I-9.
What is Form I-9, why it is used, and who must comply?
Form I-9, the Employee Eligibility Verification Form, is a U.S. Citizen & Immigration service form used by employers and organizations to verify the eligibility of the person or employee they are hiring to work in the United States. Every employer is required by law to examine & record the data of the person they hire.
History of the Form I-9
Form I-9 was established into the law under the Immigration Reform & Control Act of 1986 for prohibiting illegal immigration in the United States. For the I-9 form, regulation is enforced by U.S. Immigration and Customs enforcement. The requirement to verify the eligibility and identity of the person by the employee is the result of the IRCA regulation.
How to fill out Form I-9?
The form is mainly divided into three sections.
Section 1
Section I is for the employee. Employees have to fill in their correct biographical information and establish their identity. It includes all the essential information, for example, their name, street address, email address, phone number, date of birth, Social Security Number (if applicable), et Cetra.
All the employees who fill out section I are under penalty of perjury; this means they shall be penalized if they are found guilty.
Employees must have to place a mark on the box which emphasizes that the person is authorized to work in the United States on account of being:
A Citizen
A non-citizen national of the United States
A lawful permanent resident
An alien authorized to work in the U.S.
Section 2
Section II is for Employer Review and the Attestation. Employers must sign section II within three business days from the employee’s hiring date.
Though there are many things that an employer have to keep in mind while reviewing Section II, such as:
The Required Date
List of Acceptable Documents
Employer’s Business and Address et Cetra.
Section 3
Section III is for verification, updates, and rehires.
According to the SHRM Survey, 72% of employers have their I-9 documents with errors. Therefore, the Course Ministry is conducting a webinar on Form I-9 Compliance Update for 2022. This webinar will help employers and business organizations to create a risk management strategy that will assist them in avoiding violations of I-9 form errors.
You will learn:
The Form I-9 and Remote Employees
Why do HR Professionals seem to violate the request for document section?
Learn how to conduct an Internal I-9 Form Audit and reduce your error rate
And learn what particulars do employees have to have in place to complete the I-9 remote option when the policy expires.Â
The webinar has much more to give you. However, as an employer, I know you can not afford non-compliance. So if you want to know more about Form I-9 updates, Check out the Course Ministry website for more information and other compliance online training webinars.
Form 1099-MISC and 1099-NEC: What’s New in 2022
Let’s talk about the most fundamental and significant form that every employer and organization needs to know. Yes, you are right; we are talking about Form 1099. As you know, numerous types of 1099s are out there for reporting different incomes. Though today we only talk about Form 1099-MISC and 1099-NEC.Â
We will have a slight focus on the changes that have taken place in 2022. So Let’s get started.
What is Form 1099?
First, let’s start with the definition. What is Form 1099, what’s the use, and who uses this form?
I assume that you may or may not be aware of the definition. So for those of you who are not aware of the definition, let me tell you that all the 1099 forms serve the same purpose.Â
Form 1099 is used by taxpayers to provide information about their income to the IRS besides their salary.
Employers must fill out this form and send it to the person they have paid by the end of January or early February.
What is Form 1099-MISC and Form 1099-NEC?
Now take a look at the term Form 1099-MISC and 1099-NEC.
The term MISC defines the Miscellaneous income here. It is also known as miscellaneous information.
And this form is used to report miscellaneous compensation such as medical or healthcare payments, payments to an attorney, rents or prizes, etc. In contrast, the Form-NEC is applied to report the non-employee compensation.Â
The non-employee person can be a freelancer, an independent contractor, an attorney, or an accountant whose service can be used by a business or an organisation.Â
Do you know that before the 2020 tax year, all the non-employee compensation payments are made on Form 1099-MISC? However, now, these payments have to be reported on Form 1099-NEC.
How to file a form with the IRS?
Now let’s discuss how to file the form with the IRS and the recent updates and changes in the form 2022?
The significant change in this form is that the E-file threshold has changed. We are talking about the E-file mandate here. In general, an E-file refers to the way you file these forms with the IRS, which means how you file the form with the IRS.Â
I suppose for 2021, the threshold for electronic filing is 250. The Treasury Department came out with the motive to change the threshold in July; however, that was never finalized. And if you are interested in the form 1099 changes and how to file the form with the IRS - Course Ministry is conducting a webinar on its official website.Â
Form 1099 MISC Compliance Update for 2022: https://www.courseministry.com/product/form-1099-compliance-update-for-2022/
This webinar will provide you with extensive training on Form 1099.Â
You will Learn:
How and when you should reimburse the contractors.
Form W-9 and backup withholding
The $600 rule
The 1099-K Problem
What I've written above just scratches the surface. I am by no means an expert on this so Join the webinar and make the most out of the training. Reference Link : https://medium.com/@celinaisteni/form-1099-misc-and-1099-nec-whats-new-in-2022-c31a2303255b