Video

  • 24 minutes

IRS Brings Back IRS Form 1099-NEC

 

They brought the form back, but why?

Form 1099-NEC was in place in 1982 and the IRS decided to bring it back instead of having one 1099 for all purposes including non-employee compensation. Because of legislation in 2015 and the PATH Act, the question arose surrounding the different due dates for Box 7 items (by January 31), when compared to other due dates (end of February). This video reviews the new Form 1099-NEC and required inputs and discusses the instructions for using the new form.

Runtime: 24 minutes

Agenda

Faculty

T. Scott Tufts, Esq.

T. Scott Tufts, Esq.

CPLS, P.A.

  • Senior Tax Counsel, CPLS, P.A. (d/b/a Private Corporate Counsel)
  • Practice focuses on complex business, estate and trust and tax litigation
  • Special emphasis on IRS forms that often lead to litigation
  • Over 30 years of representation of taxpayers before the IRS and in litigating tax issues in the various courts
  • Over 30 years of working with closely held partnership and other pass-through issues and impacts of the Schedule K-1
  • Frequent speaker and host of Tufts on Tax podcast, discussing topics such as cryptocurrencies, corporate transparency, K-1s and IRS Form 8082, Form 1099-NEC, Form W-9, Form SS-8, as well as case law developments of interest
  • Member of the Florida Bar; licensed in the states of Florida and North Carolina, and admitted to practice in various Federal courts, inclusive of the United States Tax Court and the Court of Federal Claims
  • Board Certified in Tax Law, Florida Bar
  • LL.M. degree in taxation, University of Miami School of Law; J.D. Degree, Wake Forest University School of Law; B.S. degree in accounting, Florida State University
  • Can be contacted at [email protected] or (407-647-7887)

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