Live Webinar

100-minute live streaming program
  • December 8 or December 15
  • 1:00 - 2:40 pm EST

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OnDemand Course
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Understanding IRS Form 1099-NEC and Form 1099-MISC and Best Practices

December 8 or December 15

Ensure you are prepared for the big changes the IRS is making to Form 1099 reporting requirements.

In July 2019, the IRS issued a release draft of a new Form 1099 for use commencing in the 2020 tax year (i.e., in 2021), a Form 1099-NEC to replace the Form 1099-MISC, Box 7 and Box 9 for reporting direct sales of $5,000 or more. This means that commencing in 2021, when reporting with regard to the 2020 calendar year, there are now two (2) different forms to consider (Form 1099-MISC and Form 1099-NEC), as opposed to one. In this topic, we will focus on the new forms and how to fill them out properly, with an emphasis on some of the confusion that exists. Boxes 3 and 7 of the Form 1099-MISC form, as well as knowing what items go on which form will be discussed. Learn what reconfiguration may be needed of your accounting systems and ensure that you identify vendors that will now require the two different forms (e.g., rents and lawn maintenance) and what training and communication will be needed to prevent confusion. Issuers need to plan now to reconfigure their accounting systems and train vendors using best practices. Those best practices need to include how to prepare Form W-9, address backup withholding, and avoid penalties. There are hot spots that also need to be addressed, such as how to distinguish employee compensation from nonemployee compensation, addressing Section 530 issues, and spot when fraudulent forms 1099 are issued implicating Section 7434 claims. 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 material will help those responsible for issuing these forms to collect the pertinent information to complete a correct 1099-MISC or 1099-NEC form. Information covered includes new issues for reporting, ways to report to disregarded entities and medical payments, legal settlements, and the proper reporting for payments made after the death of an employee. Failing to properly complete and file these forms is a common issue that exists for all payers, both for-profit and not-for-profit entities. The result of issuing incorrect forms is often penalties imposed on the payer. This information will help payers avoid penalties as well as limit the number of corrected forms they will have to prepare.

Learning Objectives

  • You will be able to review why the IRS brought back Form 1099-NEC.
  • You will be able to explain how to input the new Form 1099-NEC information.
  • You will be able to discuss the new Form 1099-MISC and required inputs.
  • You will be able to identify when the 1099-MISC forms are due to the recipients and the IRS.

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Why Lorman?

Over 34 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

Introduction
  • Why Did IRS Bring Back Form 1099-NEC?
  • Overview of Key Distinctions Between Form 1099-NEC and Form 1099-MISC
  • Replacement of FIRE System With New Web-Based Portal, With User Authentication
  • Latest Developments in Areas of Enforcement
  • Other Developments
Understanding the New Form 1099-NEC and Required Inputs
  • The Instructions to the New Form 1099-NEC
  • Inputting the New Form 1099-NEC Information
  • Form W-9 Issues - What Is a TIN? Who Completes a W-9?
  • How to Deal With Disregarded Entities?
  • Avoiding Backup Withholding Issues
  • Penalties and Penalty Avoidance
  • Section 7434 and the Fraudulent Form 1099-NEC
  • Best Practices - Reconfiguration, Training and Communication
Understanding the New Form 1099-MISC and Required Inputs
  • The Instructions to the New Form 1099-MISC
  • Inputting the New Form 1099-MISC Information
  • Knowing 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
  • Penalties
  • Best Practices - Reconfiguration, Training and Communication
Purchase Options

More Program Information

Why Lorman?

Over 34 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 October 1, 2021.

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

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • 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: www.nasbaregistry.org. 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.
     

MP3 Download

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

Live Webinar - December 15, 2021

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a 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: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure 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. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Live Webinar - December 8, 2021

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a 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: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure 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. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for accountants, CFOs, controllers, accounts payable professionals, tax managers, tax preparers, presidents, vice presidents, bookkeepers, and enrolled agents.

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More Program Information

Why Lorman?

Over 34 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 (whistle-blowers), 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), and Form 13909 (reporting of suspect misconduct or wrongdoing of tax-exempt or employee plan)
  • Conducts regular seminars and workshops on areas focused on whistle-blowers 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 It’s 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); and “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 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
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Why Lorman?

Over 34 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: 409340
Published 2021
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