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IRS Form 1099 Reporting: What You Need to Know Seminar

Lorman Education Seminars

Bring this seminar on-site to your facility for groups of 10 or more.

IRS Form 1099 Reporting

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 • Confidently correct errors – subdue even the toughest filing mistakes • Walk through common 1099 forms with ease – know which form you need to use Learning Objectives • You will be able to discuss classifying service providers: Form 1099 vs. Form W-2. • You will be able to explain 1099-MISC. • You will be able to review lawsuit and settlement payments. • You will be able to describe cancellation of debt issues.

Agenda
8:00 AM - 8:30 AM Registration

8:30 AM - 9:00 AM Overview
— James M. McCarten
• Purpose of 1099s
• Penalties for Noncompliance
• Miscellaneous

9:00 AM - 10:30 AM Classifying Service Providers: Form 1099 vs. Form W-2
— James M. McCarten
• Independent Contractor vs. Employee
• Current IRS Guidelines
• Safe Harbors
• 409A Implications
• Penalties and How to Avoid Them

10:30 AM - 10:40 AM Break

10:40 AM - 12:30 PM 1099-MISC
— J. Allen Sullivan, Jr.
• 1099-MISC's Role in Tax Enforcement
– Filing Requirements – Who Must File?
– Reportable Payments
• Completing the Form
– Payee Responsibilities

12:30 PM - 1:30 PM Lunch (On Your Own)

1:30 PM - 2:15 PM Reporting Lawsuit and Settlement Payments
— J. Allen Sullivan, Jr.
• Settlements: Taxable vs. Nontaxable
• Payments to Attorneys (Possible Double Reporting)
• Allocations in Settlement Agreements
• Cancellation of Debt Issues (Form 1099-C Reporting)

2:15 PM - 2:25 PM Break

2:25 PM - 2:45 PM Penalties and Correcting 1099 Mistakes
— J. Allen Sullivan, Jr.
• Common Penalties and Defenses

2:45 PM - 3:00 PM Panel Discussion
— James M. McCarten and J. Allen Sullivan, Jr.
• Personal War Stories
• Things to Avoid
• Questions and Answers

Faculty
James M. McCarten, Burr & Forman LLP J. Allen Sullivan Jr., Burr & Forman LLP

Credits
CPP/FPC ,CAC 1.0 ,CFP 6.0 ,Enrolled Agents 6.0 ,CPE 6.0 including Taxes 6

More Seminar Information

Lorman Education Services
Course Summary	IRS Form 1099 Reporting
Delivery Method	Seminar
Also Available As	On-Site Training
Who Should Attend	This seminar is designed for accountants, CFOs, controllers, accounts payable professionals, tax managers, enrolled agents, presidents, vice presidents and bookkeepers.