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Seminar IRS Form 1099 Reporting: What You Need to Know Seminar

Presented by Lorman Education Services

Lorman Education Seminars

IRS Form 1099 Reporting: What You Need to Know

Course Description/Agenda


Benefits
The 1099 forms are confusing … can you afford to only grasp the basics? Independent contractors save your business money, but increasing IRS scrutiny can put you at risk. Fail to meet all the 1099 filing requirements, and you may land in a hotbed of penalties. With a maze of 1099 forms, and confusing and ever-changing IRS reporting guidelines, mastering the 1099 can be a daunting task for any business. Attend this informative seminar and sharpen your 1099 savvy. Develop better, more accurate reporting skills – keep your business audit-ready and in compliance. Determine a worker’s status without hesitation – every time – and stay current and in the clear. Benefits for You • Survive 1099 reporting in lawsuits and settlements – learn what’s taxable and what’s not • Pinpoint when to issue a W-2 or 1099 form • Walk through the 1099 series of forms with ease – know which form you need to use • Navigate payments to non-U.S. workers with confidence Learning Objectives • You will be able to describe who needs business license. • You will be able to discuss who is required to file, when you file and what information needs to be filed. • You will be able to explain employee vs. independent contractor. • You will be able to review IRS Form 1099 MISC.

Agenda
8:00 AM - 8:30 AM Registration

8:30 AM - 9:20 AM Who Needs a Business License State/City Level, W-9s
— Lee Branson
• State of Washington Business License Requirements
• City License Requirements
• Licensing Your Business
• Do You Need an Employer Identification Number?
• How to Verify a Business License Is in Good Standing
• NAICS Code on Licenses Is for the Type of Business for Which the Contractor Is Being Hired

9:20 AM - 10:50 AM Common 1099s for Businesses: Who Is Required to File, When Do You File, What Information Is Required to File?
— Elizabeth A. Fiattarone, J.D., LL.M
• 1099-INT Interest and OID
• 1099-DIV Dividends and Distributions
• 1099-A Acquisition or Abandonment of Secured Property
• 1099-C Cancellation of Debt
• 1099-K Merchant Card and Third-Party Network Payments

10:50 AM - 11:00 AM Break

11:00 AM - 12:00 PM Employee vs. Independent Contractor
— Elizabeth A. Fiattarone, J.D., LL.M
• Worker Classifications and Definitions
• Factors Considered to Determine Classification
• Safe Harbor Rules
• Consequences of Incorrect Classification
• Ethical Obligations of Tax Advisor

12:00 PM - 1:00 PM Lunch (On Your Own)

1:00 PM - 3:45 PM 1099–MISC
(Break 2:20 PM - 2:30 PM)
— Kara Backus and Craig A. Day
• Introduction to 1099-MISC Filing
• Terms to Understand
– Nonemployee
– Trade or Business
• 1099-MISC Preparation
• Withholding Requirements
• Correction of Errors

3:45 PM - 4:30 PM Cross Border Issues
— Satoko S. Valdes
• Payments Made to the Foreign Persons
• Payments Subject to Withholding Tax
• Personal Services
• Treaties
• Forms 1042, W-8BEN, 8833

Faculty
Moderator: Lee Branson, Your Balance Sheet, LLC Kara Backus, Lane Powell PC Craig A. Day, Lane Powell PC Elizabeth A. Fiattarone, J.D., LL.M., Personal and Business Tax Solutions
Satoko S. Valdes, Moss Adams LLP

 

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Lorman Education Services
Lorman Education Seminars

Course Summary

IRS Form 1099 Reporting: What You Need to Know

Delivery Method

Seminar Seminar

Who Should Attend

This seminar is designed for accounts payable professionals, accountants, controllers, tax managers, tax preparers, enrolled agents, presidents, vice presidents, bookkeepers, CPAs and CFOs.

 
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