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1099 Reporting of Payments to Attorneys and Other Third Parties

Make sure you are in compliance when reporting payments made to attorneys and other third parties.

Prepare for the new IRS information returns rule in this session that covers the IRS 1099-NEC and 1099-MISC forms, as well as payment of attorney fees. This comprehensive training will provide detailed guidance on understanding the rules and regulations surrounding these forms, as well as tips to best strategize when paying out attorney fees. Learn more about the processes involved in filing and managing the 1099-NEC and 1099-MISC forms.

99 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 36 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

  • Explanation of What Information Returns Are and What They Are Used for
  • Review How the IRS Uses Information Returns in General
  • Overview of the Differences Between 1099-NEC and 1099-MISC Forms

1099 Forms

  • What Are 1099 Forms, and What Are They Used for
  • Overview of the Differences Between 1099-NEC and 1099-MISC Forms

1099-NEC Form

  • When to Use the 1099-NEC Form for Reporting Attorney Fees
  • How to Report Attorney Fees on the 1099-NEC Form
  • Any Special Rules or Considerations for Using the 1099-NEC Form for Attorney Fees

1099-MISC Form

  • When to Use the 1099-MISC Form for Reporting Attorney Fees
  • How to Report Attorney Fees on the 1099-MISC Form
  • Any Special Rules or Considerations for Using the 1099-MISC Form for Attorney Fees

Filing Requirements

  • Deadlines for Filing 1099 Forms With the IRS
  • How to File 1099 Forms With the IRS (e.g., Electronically or by Mail)

Conclusion

  • Recap of the Main Points Covered in the Agenda
  • Reminder of Any Important Deadlines or Actions to Take Related to Reporting Attorney Fees on 1099 Forms
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Why Lorman?

Over 36 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

OnDemand Course

This course was last revised on February 22, 2023.

Call 1-866-352-9540 for further credit information.

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

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

MP3 Download

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

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Why Lorman?

Over 36 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

Steven A. Leahy

Steven A. Leahy

Law Office of Steven A. Leahy, PC

  • Tax attorney and founder of Opem Tax Advocates
  • Helps business professionals overcome their tax problems forever
  • Has extensive knowledge and experience in the laws of IRS collections, United States Bankruptcy Code, and Illinois foreclosure law
  • Host of the popular radio show, The IRS Radio Hour, heard in the Chicago area each Sunday at 5:00 pm on AM 560 The Answer
  • Hosts a daily podcast, Today‚Äôs Tax Talk, and is a frequent guest on Chicago area radio and television shows, including WGN Radio, WLS Radio, WLS Channel 7, and WFLD Channel 32
  • Author of the book Deal With Your IRS Problems Today
  • Has conducted continuing legal education classes on IRS collections and bankruptcy laws to attorneys throughout the United States
  • Fully licensed to practice law in the United States Supreme Court, United States Tax Court, State of Illinois, State of Tennessee, Northern District of Illinois, Central District of Illinois, and Middle District of Tennessee
  • Graduate, cum laude, John Marshall Law School; LL.M. degree, with honors, John Marshall Law School; graduated with a degree in business administration, finance, Loyola University in Chicago
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Why Lorman?

Over 36 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: 410362
Published 2023
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