Form 1099 Due Diligence (Course Id 1572)

Taxes - Taxes for Course Id 1572

Form 1099 compliance is tougher than ever. Whether you are new or seeking an update this webcast will provide Accounts Payable, Payroll, and Tax with plain English guidance to help minimize 1099 mistakes, save time, and avoid penalties.

In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look some of the more common problems experienced by accounts payable and tax departments related to documenting, validating, and reporting payee information on IRS Forms 1099. He identifies key issues and best-practices for addressing them.

NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1572

Course Learning Objectives

• Identify payments that must be reported to the IRS on a 1099, learn about changes to payee documentation on the Form W-9, get solutions for 1099 compliance requirements plus accountable plan best practices and get updated on the new IRS Forms 1099-NEC and 1099-MISC
• Make your job easier with the latest strategies for employing the W-9 to meet 1099 name/TIN compliance requirements
• Discover which 1099 mistakes require your response, and learn corrections do’s and don’ts
• Learn what in-year steps you must take to validate the tax-exempt, handle service payments that require the reporting of a related good, freight payments, and due diligence steps regarding payments and payees reportable on Forms 1099-R, 1099—INT, 1099-DIV, 1099-B, and 1099-K
• Recognize how to leverage the W-9 to document & validate sole proprietors, single member LLC’s, partnerships, LLC’s owned by other entities, S-Corps, and organizations that incorporate mid-year
• Learn best practices to remain IRS compliant when soliciting payee TINs, identifying 1099 reportable middlemen, and help cutting down on penalties via using the IRS TIN Match Program

Chapter 1 - Form 1099 Due Diligence

Introduction

1099 Due Diligence Starts with The W-9

Red Flags You Might Be Dealing With A Form 1042-S Reportable Non-Resident Alien

Use The W-9 to Solicit Payee TINs for 1099 Reporting

Form W-9 Solicitation Tips to Ensure You Capture Payee Data

Your Payee Refuses to Provide Their TIN on the W-9 – What To Do

Validating the W-9: Watch Out for Corporations and LLC’s

Watch Out for Form 1099-MISC Exempt Payment Types

Tips on Identifying Your 1099 Reportable Payee

Evaluating Claims Your Payee is Exempt From 1099 Reporting

The IRS TIN Match Program

Three or More Parties Involved in the 1099 Reportable Transaction

W-9 Record Retention Tips

Form 1099 Corrections Processing Tips

W-2 or 1099 Reportable Reimbursed Expenses

Form 1099-R and 1099-K Due Diligence

Form 1099-INT, 1099-B, 1099-DIV, 1099-C  Due Diligence

The New 1099-NEC and 1099-MISC

Glossary