Form 1099-NEC and 1099-MISC Box-By-Box Filing Tips and Best Practices (Course Id 1686)

Taxes - Taxes for Course Id 1686

Form 1099 filing season is more intense than ever. Whether you are new or seeking an update this course will provide Accounts Payable, Payroll, and Tax with plain English guidance to help minimize 1099-NEC and 1099-MISC mistakes while breaking down the toughest 1099 payee and payment reporting situations as part of an in depth box-by-box review of the Form 1099-MISC.

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 Form 1099-MISC. He identifies key issues and best-practices for addressing them. 

NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1686

Course Learning Objectives

• Learn about the Form 1099-MISC’s trickiest boxes given the release of the 1099-NEC, dramatic modifications to the 1099-MISC, and new changes in the law: rent, leases, prizes and awards, hotel payments, when to report freight payments, recognize which 1099-NEC versus 1099-MISC boxes to report attorney and settlement payments, decode what “damages” payments mean for AP purposes, identify the difference between box 6 and 1099-NEC box 1 medical service provider payments, discover when the reporting does not always follow the payment, determine which 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-MISC changes including what the new Form 1099-NEC 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

Chapter 1 - Form 1099-NEC and 1099-MISC Box-By-Box Filing Tips and Best Practices

Introduction

Beware the Form 1099-NEC and recent changes to the Form 1099-MISC

Getting the Form W-9 Right

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

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

Your Payee Refuses to Provide Their TIN – Here’s What To Do

Corporations and LLC’s That May Be Form 1099-MISC Reportable

Payments Ostensibly Exempt From Form 1099-MISC Filing

Identifying Your 1099-MISC Reportable Payee

Evaluating Claims Your Payee is Exempt From 1099-MISC Reporting

the IRS TIN Match Program

Three or More Parties Involved in the 1099-MISC Reportable Transaction

W-2 or 1099-MISC Reportable Reimbursed Expenses

Get Your Year Right When it Comes to Form 1099-MISC Reporting

The Form 1099-MISC

Form 1099-MISC Box one

Form 1099-MISC Box 2 and 3

Form 1099-MISC Box 4

Form 1099-MISC Box 6

Form 1099-MISC Box 7

Form 1099-MISC Box 9

Form 1099-MISC Box 14

Form 1099-MISC Boxes 15a and 15b

Glossary