Tips for Handling Your Trickiest 1099 Filing Situations - v10 (Course Id 1692)

Taxes - Taxes for Course Id 1692

With constant revisions to Form 1099 and 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 - 1692

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-DIV and 1099-B, 1099-C, 1099-S, and Form 945
• Learn about the new calculation you must make between reporting on the Form 1099-NEC or the Form 1099-MISC in a variety of payment situations including those featuring: rent, leases, prizes and awards, hotel payments, when to report freight payments, recognize which forms and boxes to report attorney and settlement payments, decode what “damages” payments mean for AP purposes, identify the difference between box 6 Form 1099-MISC and box 1 Form 1099-NEC medical service provider payments, discover when the reporting does not always follow the payment, determine which forms and boxes to report payments made to your board of directors
• 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
• Receive tips on recent 1099 changes as well as analysis of the new Form 1099-NEC and revamped Form 1099-MISC
• 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, how to handle payees that incorporate or are bought out mid-year, 1031/1035 exchange tips
• Learn valuable tips for E-Filing and for using the Combined Federal/State Filing Program as well as recognizing other state reporting issues you might be missing
• Understand backup withholding and make your job easier while receiving a detailed discussion of the Form 1099-MISC and 1099-NEC versus usage of Form 945
• Handle your toughest U.S. persons vs. Non-U.S. person payment situations including changes to documenting payees from U.S. possessions, validating U.S. tax residents, expat vs. inpat due diligence, and more
• Learn about tricky situations involving sales and use, unclaimed property, changes to 1099 fringe benefit and expense reimbursement reporting - including what to do regarding entertainment and meal reimbursements, travel and expense payment best practices, accountable plan rules and record retention, prizes and awards, Affordable Care Act 1094/1095 corrections tips, penalty notice processing

Chapter 1 - Tips for Handling Your Trickiest 1099 Filing Situations

Introduction

Beware the New Form 1099-NEC vs. the Revamped 1099-MISC

Getting the Form W-9 Right

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

Payee Refuses to Provide Their TIN on the W-9

Corporations and LLC’s That May Be Form 1099 Reportable

Payments Ostensibly Exempt From Form 1099 Filing

Inadvertent Tax Consequences Stemming From 1031 Exchanges

How to report Section 1031 Like-Kind Exchanges to the IRS

1035 Exchanges

Identifying Your 1099 Reportable Payee

Validating W-9’s

Resident Aliens Are 1099 Reportable But Who Are They?

Substantial Presence Test

Expats versus Inpats

Evaluating Claims Your Payee is Exempt From 1099 Reporting

the IRS TIN Match Program

W-2 or 1099 Reportable Reimbursed Expenses

1099 E-Filing Basics

The Form 1099-MISC

Form 1099-R Due Diligence

The Form 1099-INT, 1099-DiV, 1099-B, and 1099-C

Form 1099-K Filing Tips

ACA Filing mistakes

The CFS and state reporting issues of concern

Federal penalty abatement tips

Glossary