Form 1099 Filing Update - v10 (Course Id 1685)

Taxes - Taxes for Course Id 1685

With constant revisions to Form 1099 and the related rule changes, it is crucial to remain up-to- date with the current information reporting laws to avoid those dreaded penalties and interest not to mention the time consumed to make corrections. Whether you are new or seeking an update this course will provide CPA’s, Accounts Payable, Payroll, and Tax with plain English guidance to help minimize 1099 filing mistakes while breaking down the toughest 1099 payee and payment reporting situations.

In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look some of the more common problems experienced by CPA’s, 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 - 1685

Course Learning Objectives

• Determine which 1099 to use and watch out for key trouble spots on the most commonly filed Forms 1099 – including a detailed look at the Forms 1099-NEC, 1099-MISC, 1099-R, 1099-INT, 1099-K, 1099-S, and Form 945
• Learn about the Form 1099-MISC’s trickiest boxes in relation to the new 1099-NEC: rent, leases, prizes and awards, hotel payments, when to report freight payments, recognize which boxes and which form to use for reporting attorney and settlement payments, decode what “damages” payments mean for AP purposes, identify the difference between box 6 1099-MISC and box one 1099-NEC medical service provider payments, discover when the reporting does not always follow the payment, determine which boxes and forms to report non-qualified deferred compensation
• Identify W-9 document validation best practices with a focus on situations when multiple names are provided, handling undocumented payees, exempt organization payees, and IRS TIN Match Program best practices
• Identify categories of payees and payments that are both reportable and not reportable, plus identify service payments that also require the reporting of a related good
• Discover recent 1099 changes plus get our analysis of the new Form 1099-NEC and what it means for 1099-MISC reporting
• Recognize how to identify the reportable payee when you pay sole proprietors, LLCs, payee's merged or bought by another, S-Corps, agents, or middlemen
• Learn valuable tips for E-Filing and for using the Combined Federal/State Filing Program
• Receive backup withholding guidance designed to make your job easier, including a detailed discussion of the Form 1099-MISC Box 4 and Form 1099-NEC Box 4 versus usage of Form 945

Chapter 1 - Form 1099 Filing Update

Introduction

The Form 1099-NEC vs. The 1099-MISC

Getting the Form W-9 Right

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

W-9 Solicitation Tips to Ensure You Capture 1099 Payee Data

Your Payee Refuses to Provide Their TIN on the W-9 – Here’s What You Do

Corporations and LLC’s That May Be Form 1099 Reportable

Payments Ostensibly Exempt From Form 1099 Filing

Tips on Identifying Your 1099 Reportable Payee

Evaluating Claims Your Payee is Exempt From 1099 Reporting

Using the IRS TIN Match Program to Clean Up Your Files Prior to Reporting

Three or More Parties Involved in the 1099 Reportable Transaction

W-2 or 1099-NEC Reportable Reimbursed Expenses

Get Your Year Right When it Comes to Form 1099 Reporting

1099 E-Filing Basics

The Form 1099-MISC: An Overview

Form 1099-MISC Box One

Form 1099-MISC Box Two

Form 1099-MISC Box Three

Form 1099-MISC Box Four

Form 1099-MISC Box Six

Form 1099-MISC Box Seven

Form 1099-MISC Box Nine

Form 1099-MISC Box Fourteen

Form 1099-R

The Form 1099-INT, 1099-B, 1099-DIV, 1099-C

Form 1099-K Filing Tips

The CFS