Gain a better understanding of Form 1099 reporting, 1099-NEC and 1099-MISC, common errors, best practices, and responding to IRS penalties.
Nearly every business in the U.S. has some level of Form 1099 reporting obligations, as it is required for payments to U.S. individuals or entities who are not considered employees. However, many businesses are not aware of these requirements and as a result, have received fines and penalties from the IRS. The Service has greatly enhanced its technological capabilities and more companies are now receiving automated notices and penalties for non-compliance. This topic will provide a high-level overview to help U.S. businesses better understand the basic requirements for correctly reporting the information on a Form 1099, with a focus on Forms 1099-NEC (payments for services) and 1099-MISC (payments for rents, royalties, and prizes and awards). It will also address common mistakes and best practices to enhance operational efficiency and avoid penalties. In situations where the IRS has already issued a penalty notice, the material will also discuss the strategies and procedures for drafting a response.
Learning Objectives
- You will be able to describe the different types of Form 1099 reporting.
- You will be able to discuss the benefits of using the IRS’ TIN matching program.
- You will be able to explain the penalties that may be assessed if Form 1099 reporting is not performed correctly.
- You will be able to identify entities who are exempt from Form 1099 reporting.
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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 | |
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| What Payments Do You Report? | |
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| Who Do You Report? | |
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| Form 1099 Reporting | |
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| Penalties | |
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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
Live Webinar Registration
- 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
- In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour. This program qualifies for 2.0 Continuing Education Credit(s) for enrolled agents.
CPE 2.0 including Taxes 2
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub 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: basic knowledge of taxation. Level of Knowledge: Basic. 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.
OnDemand Course
This course was last revised on November 12, 2024.
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
- In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour. This program qualifies for 2.0 Continuing Education Credit(s) for enrolled agents.
- CPE/NASBA - QAS Self Study 2.6 including Taxes 2.6
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub 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.
MP3 Download
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Who should attend?
This live webinar is designed for accountants, CPAs, CFOs, controllers, tax managers, tax preparers, presidents, vice presidents, bookkeepers, enrolled agents, accounts payable professionals, and finance directors.
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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
KPMG LLP
- Senior Manager at KPMG LLP 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.
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