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1099 Reporting of Settlements and Payments to Attorneys (Course Id 1569)

QAS / Registry / EA
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Author : Steven D Mercatante, Tax Attorney, Author
Course Length : Pages: 34 ||| Review Questions: 12 ||| Final Exam Questions: 18
CPE Credits : 3.5
IRS Credits : 3
Price : $31.45
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1569

Description :

The IRS is paying close attention to third-party payers. In particular the IRS is honing in on the reporting and due diligence activities of small and mid-sized businesses, and how they report payments made to settlement claimants, your attorney, as well as the attorney of the party that brought legal action against your organization or client.

In this 1099 reporting course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look some of the more common problems experienced by CPAs, accounts payable, and tax departments related to documenting, validating, and reporting payee information using the IRS Forms W-9/1099/W-2 in situations involving settlement and attorney payments while offering solutions and best-practices for addressing related reporting issues.

Usage Rank : 0
Release : 2020
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 12-Sep-2020
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1569

Keywords : Taxes, 1099, Reporting, Settlements, Payments, Attorneys, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Discover how to report punitive legal damage awards and gross proceeds paid to attorneys
  • Learn about recent changes in the law such as the new Form 1099-NEC and learn how to handle the differences between information returns such as the Form 1099-NEC box 1 and Form 1099-MISC boxes 3, and 10 when reporting settlement payments and payments to attorneys
  • Identify which settlement payments are taxable and reportable and which fall under reporting exceptions
  • Obtain the tools to create your settlement payment checklist as well as incorporate important best practices
  • Determine how and when to obtain your attorney payees TIN
Course Contents :

To view Table of Contents, please Click here.

CPE Tax Course: https://www.cpethink.com/tax-cpa-courses
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