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Understanding IRS Form 1099-NEC and Form 1099-MISC

Better understand the requirements for correctly reporting the information on a Form 1099.

In recent years, the IRS has stepped up its compliance efforts in the area of information reporting and withholding, including Forms 1099 and backup withholding. The Service has greatly enhanced its technological capabilities, and more companies are now receiving automated notices and penalties for non-compliance. This topic will help U.S. withholding agents better understand the requirements for correctly reporting the information on a Form 1099. It will also address common mistakes and best practices to enhance operational efficiency and avoid penalties. This course will discuss the strategies and procedures for drafting a response in situations where the IRS has already issued a penalty notice.

Learning Objectives

  • You will be able to identify what type of payment is reportable
  • You will be able to differentiate between Forms 1099-MISC and 1099-NEC
  • You will be able to recognize how to complete the Forms 1099
  • You will be able to recognize the due dates and penalties

102 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 37 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

  • Basic Terms and Concepts
  • What Are My Form 1099 Obligations?
  • Why Is This Required?

What Payments Do You Report?

  • Reportable Payments and Exemptions
  • Form 1099-MISC vs. 1099-NEC
  • Payment Classification
  • Special Issues - Former Employees, Deceased Employees, and Reimbursements

Who Do You Report?

  • Collecting Forms W-9
  • Reviewing Forms W-9
  • TIN Matching
  • Special Issues - Disregarded Entities, Eyeball Test, Backup Withholding

Form 1099 Reporting

  • How Do I File?
  • Information Return Intake System (IRIS)
  • Deadlines and Extensions
  • Best Practices

Penalties

  • Applicable Penalties and Amounts
  • Responding to Penalty Notices
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Why Lorman?

Over 37 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 12, 2023.

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).
     
  • CPE/NASBA - QAS Self Study 2.6 including Taxes 2.6
     
  • 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: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.6 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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This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 37 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

Andrew McQuilkin

Andrew McQuilkin

KPMG LLP

  • Senior manager at KPMG Boston
  • Practice emphasizes all aspects of information reporting and withholding
  • Conducts regular seminars and workshops on numerous issues related to domestic and international information reporting and technology solutions for compliance
  • Member, Massachusetts Bar. Patent Attorney, U.S. Patent and Trademark Office
  • J.D. degree, Suffolk University School of Law; B.S. degree, University of Massachusetts Amherst
  • Can be contacted at 617-988-5857 or [email protected]
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Why Lorman?

Over 37 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.

All of your training, right here at Lorman

All of your training, right here at Lorman.

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  • State Specific Credit Tracker
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Product ID: 410875
Published 2023
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