With recent updates to Forms 1099-MISC and 1099-NEC, the 1099 filing season has added a whole new layer of complexities. Whether you are new to the 1099 filing process or seeking an update, this course will help minimize 1099 filing mistakes while breaking down the toughest 1099 payee and reporting situations as part of an in depth box-by-box review of the recently revised Form 1099-MISC and new Form 1099-NEC.
In this webinar, corporate Tax Attorney Steven D. Mercatante Esq. will walk through common issues related to documenting, validating, and reporting payee information on IRS Forms 1099-MISC and 1099-NEC. He will also explain best practices for addressing many of the common issues that come up on the new 1099 forms.
Course Learning Objectives
- Identify how to address Form 1099-NEC and MISC’s trickiest boxes: Services, rent, leases, prizes and awards, and hotel payments.
- Recognize which boxes to report attorney and settlement payments and decode what “damages” payments mean for AP purposes.
- Identify the difference between box 6 Form 1099-MISC and Form 1099-NEC box 1 medical service provider payments and discover when the reporting does not always follow the payment.
- Determine which boxes to report non-qualified deferred compensation.
- Recognize 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 reporting 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
- Please refer to the course description for the learning objectives.
Who Should Attend
CPAs, Tax Professionals, Professionals Working with the Accounts Payable Function.
Steven Mercatante is the principal and founder of TIR Consulting, LLC. He is a nationally recognized leader in tax reporting education and consulting on specialized compliance issues. He has conducted on-site consultation for corporate clients from across the world and led countless seminars and webinars for Aurora Training Advantage, IAPP, Balance Consulting, The Accounts Payable Network, Accounts Payable Now and Tomorrow, Progressive Business Conferences, The Center For Competitive Management, and more.
Encoursa is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBAregistry.org.
Encoursa LLC is an IRS-approved continuing education provider. Provider #: KKRBE
Date & Time
Monday, December 11, 2023
12:00 PM EST (see additional timezones)
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