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IRS Form 1099 Reporting: What You Need to Know IRS Form 1099 Reporting: What You Need to Know Seminar
Presented by Lorman Education Services
IRS Form 1099 Reporting
Course Description/Agenda
Benefits Don’t risk mistakes and penalties. Increase your 1099 filing know-how.
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
• Increase your filing savvy and avoid late filing and failure to file penalties
• Tackle your 1099-MISC questions
• Confidently correct errors – subdue even the toughest filing mistakes
• Effortlessly account for middleman payments
Learning Objectives
• You will be able to explain the most common types of 1099s.
• You will be able to describe the Form 1099-MISC in depth.
• You will be able to discuss employee vs. independent contractor.
• You will be able to review filing and correcting returns.
Agenda This seminar will be presented by Warren M. Bergstein, CPA and Jack E. Gold, CPA 8:00 AM - 8:30 AM Registration
8:30 AM - 9:15 AM Overview • IRS Information Reporting Procedures • Due Dates for Providing and Filing Form 1099 Series • Penalties for Noncompliance 9:15 AM - 10:00 AM Most Common Types of 1099s • Form 1099-MISC, Form 1099-INT and Form 1099-DIV • Form 1099-K 10:00 AM - 10:50 AM 1099-MISC Details • Who Must File • Step-by-Step Actual Preparation of This Form • Categorizing Income • Income and Nonincome Reporting • Issuing vs. Receiving – Box 3 and 7 - When to Use – Box 7 and 14 - How to Report Attorney Payments – New York State Requirements, If Applicable • Self-Employment Tax Consequences • Remitter Responsibilities/Instructions for Payor • Recipient Responsibilities/Instructions for Payee • Reportable Payments to Corporations • Reportable Payments to Limited Liability Companies (LLC's) 10:50 AM - 11:00 AM Break 11:00 AM - 11:30 AM 1099-MISC Details (Continued) 11:30 AM - 12:15 PM Filing and Correcting Return • Electronic Filing and Paper Filing • Form 1096 • Types of Errors • Procedures to Correct Errors and Voiding 1099s • Procedures to Correct Electronic Submissions 12:15 PM - 1:15 PM Lunch (On Your Own) 3:00 PM - 3:10 PM Break 3:10 PM - 3:45 PM International Aspects of Wages and Contractor Reporting • Contractor Payments • W-2 Reporting Obligations and Withholding Rules • Reporting Obligations for Non-U.S. Individuals 3:45 PM - 4:15 PM Issues in Reporting Lawsuits and Settlements • Settlements, Taxable vs. Nontaxable • Payments to Attorneys (Possible Double Form 1099 Reporting) • Allocations in Settlement Agreements • Cancellation of Debt Issues (Form 1099-C Reporting) 4:15 PM - 4:30 PM Legislative Update and Miscellaneous Issues • What's Next? • Questions and Answers Faculty Warren M. Bergstein, CPA, Adelman Katz & Mond LLP Jack E. Gold, CPA, Adelman Katz & Mond LLP Credits CPP/FPC ,CAC 1.0 ,CFP 8.0 ,Enrolled Agents 8.0 ,CPE 8.0 including Taxes 8
More Seminar Information |
Lorman Education Services
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Course Summary |
IRS Form 1099 Reporting |
Delivery Method |
Seminar |
Also Available As
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On-Site Training
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Who Should Attend |
This seminar is designed for accountants, CFOs, controllers, accounts payable professionals, tax managers, enrolled agents, presidents, vice presidents and bookkeepers.
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