Course Description

Form 1099 due diligence 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 compliance 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.

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
• Recognize the latest strategies for employing the W-9 to meet 1099 name/TIN compliance requirements and discover which 1099 mistakes require your response, and learn corrections do’s and don’ts
• Discover 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
• Identify 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

Prerequisites

• None