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IRS Form 1099 Reporting: What You Need to Know in Georgia

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. Purchase this informative audio and manual package 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 - Pinpoint when to issue a W-2 or 1099 form - Survive 1099 reporting in lawsuits and settlements – learn what’s taxable and what’s not - 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
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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of the IRS Form 1099 Reporting Rules
— Kathleen Collins, E.A.
  • IRS Information Reporting
  • Purpose of Form 1099 Reporting
  • Deadlines for Providing and Filing Form 1099
Preparing and Filing Form 1099
  • Preparation of Various Forms 1099 (Which 1099 Form to Use)
Penalties for Failure to Comply
— Kathleen Collins, E.A.
Consequence of Errors With Inaccurate Names and TINs
Common Types of 1099 Forms
— Tracy Everly
  • 1099-INT
  • 1099-K
  • 1099-DIV
  • 1099-R
  • 1099-C vs. 1099-A
IRS Form 1099-MISC
— Kathleen Collins, E.A.
  • Who Must File
  • Step by Step Actual Preparation of This Form
  • Walk-Through and Explanation of Each Box on the Form
    • Box 3 and Box 7: When to Use
    • Box 7 and 14: How to Report Attorney Payments
  • Due Dates
  • Categorizing Income
  • Income and Nonincome Reporting
  • Issuing vs. Receiving
  • Self-Employment Tax Consequences
IRS Form 1099-MISC Continued
— Kathleen Collins, E.A.
  • Remitter Responsibilities/Instructions for Payor
  • Recipient Responsibilities/Instructions for Payee
  • Reportable Payments to Corporations
  • New or Upcoming Changes and Requirements Affecting 1099s
Employee vs. Independent Contractor
— Kathleen Collins, E.A.
  • 1099 MISC vs. Form W-2
  • Key Definitions
  • Practical Illustrations
Troubled Investments
— Neville Stein, CPA, MBA
  • Real Life Examples
Form 1099 Reporting in Lawsuits and Settlements
— Neville Stein, CPA, MBA
  • Taxable vs. Nontaxable Settlements
  • Payments to Attorneys (and Potential Double Form 1099 Reporting)
  • Importance of Allocations in Settlement Agreements
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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Manual

No credit available.

Online Manual

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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kathleen Collins, E.A.

Kathleen Collins, E.A.

  • Has been involved in tax preparation since 1970 preparing tax returns and resolving issues with the IRS
  • Started at H&R Block in 1987 and started teaching classes after the first tax season, and has taught beginning through advanced classes
  • Involved in the National Association of Enrolled Agents on the local, state and national levels
  • Taught SEE Exam Preparation classes for National Association of Enrolled Agents for several years
  • Assisted Prometric in the development of putting the SEE Exam on the computer and making it available at testing sites throughout the nation
  • Was on the state board for several years and served as state president for two years and the national director for two years
  • Appeared on The Today Show and local television panels answering tax questions; appeared on Tax Talk Today produced by the IRS
  • Presented several tax topics to small groups such as the military comptrollers, various SCAD classes, and senior citizens
  • Attended the National Tax Practice Institute and became a Fellow in 2006 and continues to take graduate courses each year

Tracy Everly

Stein Accounting CPA

  • With Stein Accounting CPA
  • More than 15 years of accounting experience with local firms, health care and education
  • Taught business education at Newberry County Career Center Technical College for several years
  • Member of the Georgia Society of CPAs
  • B.S. degree, University of South Carolina

Neville Stein, CPA, MBA

Stein Accounting CPA

  • Managing partner with Stein Accounting CPA
  • More than 20 years of accounting and tax practice
  • Skilled in business planning, preparation and problem-solving for Savannah’s small businesses, including proprietorships, partnerships and corporations
  • M.B.A. degree and 20+ years as a business consultant have made him adept at business planning and budgeting for small businesses and nonprofit organizations
  • Can be contacted at 912-925-2500 or [email protected]
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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Pay once and get a full year of unlimited training in any format, any time!

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  • State Specific Credit Tracker
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* For audio recordings you only pay shipping

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Product ID: 393621
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