Course Description

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.

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 
   
• Discover 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
   
• Identify 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

Learning Objectives

• Please see the 'Course Description' for the learning objectives.

Prerequisites

• None