Form 1099 MISC Explained (Completed)

Date: Monday, January 31, 2022
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 Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

Form 1099-MISC is one of the most common Information Reporting Forms that businesses, estates, trusts and non-profits are required to file at the end of the calendar year. It is also the Form 1099 that most commonly has errors identified by the IRS. Even worse it continues to be revamped.

In this program, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look at some of the more common problems related to 1099-MISC reporting while offering solutions and best-practices for addressing related reporting issues and instructing what you can do NOW to best file your Forms 1099-MISC and avoid notices of errors from the IRS. At the completion of this course you will have the tools necessary to prepare a Form 1099-MISC with all boxes properly completed.

Who Should Attend
If you are new to 1099 reporting, You supervise 1099 compliance and want to stay on top of changes in the law, or you have questions and would benefit from a refresher.

Topics Covered

  • Where to report the payment types in the different Form 1099-MISC boxes and validate the name and TIN of the related payee
  • What gets reported on the Form 1099-MISC versus what is to be reported on the 1099-NEC and other Forms 1099
  • Match the vendor's W-9 SSN, EIN, TIN to IRS records for better 1099-MISC filing
  • Discover which payee's should receive a 1099-MISC
  • Get block by block Instructions of 1099-MISC
  • Discover what name and EIN/SSN goes on the 1099-MISC?
  • Break down rental related payments on the Form 1099-MISC versus those that get reported on the Form 1099-S
  • Learn when gross proceeds paid to an attorney and settlement payments paid to a claimant are reported on the 1099-MISC in boxes 3 or 10 versus those reported on other Forms 1099 or not reported at all
  • Discover when to report payments to medical service providers in box 6 of the 1099-MISC versus box 1 of the Form 1099-NEC

Learning Objectives

  • Identify where to report the payment types in the different Form 1099-MISC boxes and validate the name and TIN of the related payee
  • Differentiate what gets reported on the Form 1099-MISC versus what is to be reported on the 1099-NEC and other Forms 1099
  • Recognize how to properly prepare a Form 1099-MISC with all boxes properly completed

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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