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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 •Navigate payments to non-U.S. workers with confidence •Pinpoint when to issue a W-2 or 1099 form •Perfect your backup withholding rules know-how •Increase your filing savvy and avoid late filing and failure to file penalties
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Why Lorman?

Over 31 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
— Kevin P. Shimkus
  • IRS Filing Requirements
  • Overview of Common Information Returns
  • Due Dates and Filing Requirements
Backup Withholding
— Scott A. Walter
  • When Is It Required?
  • When Are Deposits Due?
  • What Rate to Use?
  • What Forms Are Required?
Penalties
— Scott A. Walter
  • B-Notices
  • Reasonable Cause
  • IRS TIN Match System
Attorney Payments and Settlement Issues
— Scott A. Walter
  • Settlements – Taxable/Nontaxable/Wages
  • Payments to Attorneys, Possible Double Returns
Worker Classification
— Kevin P. Shimkus
  • 1099 vs. W-2
  • Factors to Consider
  • Safe Harbors
Reporting Obligations to Non-U.S. Payees
— Kevin P. Shimkus
  • Withholding Requirements
  • Form 1042-S
  • W-8s
  • Treaties
Questions and Answers
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Why Lorman?

Over 31 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

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 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

Kevin P. Shimkus

Deloitte LLP

  • Senior manager at Deloitte Tax LLP
  • Global Employer Services – Employment Tax & Information Reporting
  • Frequent speaker on various employment tax and information reporting topics
  • Certified public accountant
  • B.S. degree, Illinois State University
  • Can be contacted at 312-486-3254 or [email protected]

Scott A. Walter

Deloitte & Touche USA LLP

  • Manager at Deloitte Tax LLP
  • Global Employer Services – Employment Tax & Information Reporting
  • Frequent speaker on various employment tax and information reporting topics
  • IRS enrolled agent
  • B.S. degree, University of Illinois
  • Can be contacted at 312-486-2551 or [email protected]
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Why Lorman?

Over 31 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: 368180
Published 2011
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