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IRS Form 1099 Reporting: What You Need to Know

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 these reference materials 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 •Walk through the different types of 1099’s – know which form you need to use •Pinpoint when to issue a 1099 form •Understand the basics of filing a 1099
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Why Lorman?

Over 30 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
— Douglas J. Farrington
  • IRS Information Reporting Procedures
  • Due Dates for Providing and Filing Form 1099 Series
  • Penalties for Noncompliance
  • Consequences of Errors With Inaccurate Names and TINs
  • Recipient Name, Address and TIN
  • Filer's Name, Address and Identification Number
  • Other Pertinent Information
  • Substitute Statements
Most Common Types of 1099's
— Douglas J. Farrington
  • Form 1099-MISC, Form 1099-INT and Form 1099-DIV
Federal 1099
— Margaret A. Wood, EA
  • Definition of Employees
  • Definition of Independent Contractors
  • Issues of Classification
Massachusetts 1099
  • Rules for Classification
  • Differences From Federal Guidelines
New Rules for 1099 Forms
  • Patient Protection
  • Affordable Care Act
Forms to Help Determine Classification
— Timothy J. Burke, Esq.
  • Form W-9, the Critical Form to Obtain
  • Form 15-A
  • Form SS-8
  • Proper Classification Between Subcontractor and Employee
Company Procedures
  • Working With Subcontractors
  • Working With Employees
Changes Coming
Section 530 Relief - Recent Court Cases
— Margaret A. Wood, EA
Panel Discussion and Questions and Answers
— Timothy J. Burke, Esq., Douglas J. Farrington and Margaret A. Wood, EA
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Why Lorman?

Over 30 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

Online Manual

No credit available.

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Why Lorman?

Over 30 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

Timothy J. Burke – Moderator

Burke & Associates

  • Founder of Burke & Associates
  • Practice includes all aspects of federal, state and international taxation
  • Former revenue agent for the Internal Revenue Service and former senior tax officer
  • Frequent speaker and has written numerous publications
  • J.D. degree, Suffolk University Law School; LL.M. degree, Boston University School of Law; B.A. degree, cum laude, University of Massachusetts
  • Can be contacted at 781-380-0770 or [email protected]

Douglas J. Farrington

Marcum LLP

  • Partner in charge of Marcum LLP’s Boston office
  • Focuses on income tax compliance, financial reporting, FAS 109 and FIN 48
  • Provides services to individuals in construction, professional services, manufacturing, health care, not-for-profit and hospitality
  • Member of the AICPA, MSCPA and CSCPA
  • M.S. degree, University of New Haven; B.S. degree, University of Bridgeport

Margaret A. Wood, EA

Focus On Your Business

  • Founder of Focus On Your Business
  • Tax practice with accounting and bookkeeping
  • Member of National Association of Enrolled Agents and Massachusetts Society of Enrolled Agents
  • Serves on the board of directors for the Rhode Island Society of Enrolled Agents
  • B.S. degree, Northeastern University; M.B.A. degree, Suffolk University
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Why Lorman?

Over 30 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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Product ID: 386337
Published 2011
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