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

Presented by Lorman Education Services

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
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
Lorman Education Seminars

Course Summary

IRS Form 1099 Reporting

Delivery Method

Seminar Seminar

Also Available As

On-Site Training 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.

 
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