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IRS Form 1099-MISC Reporting Requirements and Updates

Don't expose yourself to compliance violations.

Find out everything you need to know about Form 1099-MISC. Many accounts payable and accounting departments struggle with correctly completing Form 1099-MISC. They often do not know how to issue a 1099-MISC to disregarded entities or how to report special payments such as legal settlements or payments made after the death of an employee. Payable departments often miss deadlines when responding to IRS B-Notices which can result in penalties. This topic helps the persons responsible for issuing the 1099-MISC forms to collect the pertinent information to complete a correct Form 1099-MISC including payee information, information about proper boxes to report payments and how to handle follow-up questions from the IRS via B-Notice letters. New issues for 2017 reporting, how to report to disregarded entities, how to report medical payments, legal settlements and the proper reporting for payments made after the death of an employee will be explained. Failing to properly complete and file Forms 1099-MISC is a common issue which exists for all payers, both for-profit and not-for-profit entities. The result of issuing incorrect 1099-MISC forms is often penalties imposed on the payer. This topic will help payers avoid penalties as well as limit the number of corrected Forms 1099-MISC they will have to prepare.

Learning Objectives

  • You will be able to identify the reporting requirements associated with the W-9 Form.
  • You will be able to differentiate the rules regarding backup withholding.
  • You will be able to identify the reporting requirements associated with the 1099 Form.
  • You will be able to recognize penalties for non-compliance in reporting.

Runtime: 114 minutes
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Why Lorman?

Over 33 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

What's New

  • Di Minimis Rules for Corrections
  • New Due Dates

Form W-9

  • What Is a TIN?
  • Who Completes a W-9?
  • What to Do With Disregarded Entities

1099-MISC Rules

  • What Is the Difference Between Box 3 and Box 7?
  • Where Do You Report Legal Settlements and Medical Payments?
  • When Are 1099-MISC Forms Due to Recipients and the IRS?

Other 1099-MISC Considerations

  • Back-up Withholding and B Notices
  • Penalties
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Why Lorman?

Over 33 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 January 31, 2019.

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

  • CPE/NASBA - QAS Self Study 3.0 including Taxes 3
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 3.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 3.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 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

T. Scott Tufts, Esq.

T. Scott Tufts, Esq.

CPLS, P.A.

  • Senior tax counsel, CPLS, P.A.
  • Practice emphasizes helping clients who are faced with the filing of certain IRS forms that lead to disputes, as well as tax disputes with the IRS, probate and Federal and state court disputes involving partners and members and estates
  • Practice areas include the handling of IRS tax disputes, expert witnessing, and consultation with partners, members, and their practitioners that pertain to IRS Forms 8082 (notice of inconsistent treatment and erroneous K-1s), as well as IRS Forms 8886 (Reporting of Abusive Tax Shelters), SS-8 (worker classification), 1099-MISC (independent contractors), W-2c/ Form 4852 (Substitute Form W-2 or Form 1099-R); Form 211 (whistleblowers), Form 3949-A (referral of alleged violations of the tax laws), Form 14242 (suspected abusive tax promotions or promoters), Form 14039 (stolen identity and use of your SSN), Form 14157 (reporting of fraud or abusive tax scheme by preparer), Form 13909 (reporting of suspect misconduct or wrongdoing of tax exempt or employee plan)
  • Conducts regular seminars and workshops on areas focused on whistleblowers and the handling of IRS disputes, as well as in the areas of probate and tax, and partnership and LLC matters
  • Wrote several publications: “Evaluating LLC Operating Agreements Containing “Carte Blanche” Authority and Right to Rely Provisions Purporting to Release Third Parties from Any Duty to Inquire,” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIX, No. 2, p. 7, 10-26 (Fall 2013); “AD Global and the Statute of Limitations for TEFRA Partnerships: Will the TMP Ever Have to Stop Looking in the Rear View Mirror for the IRS” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIV, No.2, p.14, pp.25-29 (February 2006); “It Ain’t Over ‘Til Its Over: When Partnership Tax Vessels Make Ill-Advised Journeys and Wind-Up at Harbor Cove Marina” Journal of Business Entities (September/October 2004); “What IRS Form 8082 Can Do For You (and to you!) and Your Closely-Held Partnership Now that the IRS’ K-1 Matching Program is Underway” BNA Tax Management Real Estate, Vol. 19, No. 12 (December 3, 2003); “Are Single-Member LLCs a Ticking Time-Bomb for Asset Protection?” (Are Single-Member LLCs of Any Utility for Asset Protection after the Florida Supreme Court’s Decision in Olmstead?) (ABA Teleconference, August 24, 2010)
  • LL.M. degree, taxation, University of Miami School of Law; J.D. degree, Wake Forest University School of Law; B.S. degree, accounting, Florida State University
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Why Lorman?

Over 33 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: 405576
Published 2019
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