Form 1099 Filing Update (Completed)

Date: Monday, December 7, 2020
Instructor: Steven D. Mercatante
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

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.

In this course you will learn what can you do NOW to prepare Form 1099s and avoid notices of error from the IRS via developing best practices and exercising due diligence collecting and validating data to be included when you file. At the completion of this course you will have the tools necessary to evaluate the W-9 and prepare Forms 1099 with all the boxes properly completed.

Topics Covered

  • Everything you need to know to prepare the Latest 1099 Forms
  • Changes to Forms 1099 and what information you need to be in compliance — including a discussion of the new Form 1099-NEC and 1099-MISC
  • What to do if payments include both goods and services
  • Rentals of personal property vs rentals of real property
  • Payments to Attorneys & Health Care Professionals
  • Judgment Payments and Forms 1099
  • Payments to Attorneys & Health Care Professionals
  • Judgement Payments and Forms 1099
  • Strategies to Remain Compliant with Proper Policies & Procedures
  • What is reportable and which Form 1099 to use
  • Information reporting to non-profits
  • Information reporting to Corporations, LLCs & other tricky classifications
  • Combined Federal/State Filing Program and E-Filing Pitfalls

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
  • Identify 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
  • Differentiate 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
  • Recognize how to 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


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of Form 1099.

Advance Preparation

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