Learn about the 1099-K rules and how it relates to you.
In 2012 the Housing Assistance Act of 2008 required payment settlement entities to report to the IRS certain credit card payments received by business owners when they exceed a specific dollar amount and volume. This reporting requirement launched the birth of IRS Form 1099-K. This topic examines how Form 1099-K is used as a tool by the IRS to track taxpayer compliance which often results in audits. We will discuss specific reporting requirements, underlying customer and merchant networks systems, qualified vs. nonqualified transactions and how to resolve reporting issues.
Add to Wishlist
More Program Information
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
Understanding IRS Form 1099-K
- What Is Form 1099-K and How Is It Used by the IRS?
- What Is a Payment Card?
- What Are Reportable Limits on Transactions?
- What Type of Information Must Be Reported on Form 1099-K?
- IRS Use of Form 1099-K to Support Audits and Reviews
Third Party Settlement Organizations
- Characteristics of Third Party Payment Networks
- Who Is Responsible for Reporting Third Party Network Transactions?
- What Is a Merchant Acquiring Entity?
- How Are Transactions Reported?
- Merchant Acquiring Entity Codes
- Issues Related to Misreporting
- What Is a Payment Settlement Entity?
- How Are Transactions Reported?
- Reporting Requirements for Payment Settlement Entities
- Verification Process
- Filing Deadlines
Reporting Issues and How to Correct Errors Resulting From:
- Incorrect Payment Amounts or Mismatching
- Credit Card Terminal Sharing
- Buying or Selling a Business During the Year
- Multiple Businesses and Sources of Income
- Changing Your Business Entity Structure During the Year
- Receiving Customer Cash Back After Debit Card Purchases
Tax Reporting of Form 1099-K Transactions
- Compliance Reporting
- Sole Proprietors
- Partnerships
- SCorporations and C Corporations
- Independent Contractors in Receipt of Form 1099-Misc
Add to Wishlist
More Program Information
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 June 14, 2019.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Add to Wishlist
More Program Information
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
E. Pete Lewis, MBA, CPA, EA
Lewis & Associates Tax Planning, Inc.
- Principal at Lewis & Associates Tax Planning, Inc., (LATP) in St. Charles, Illinois
- CPA and enrolled agent admitted to practice before the IRS
- Organized LATP in 2008 after spending 30 years of working in tax management positions for Chicago area law firms, public accounting firms and corporations
- Conducts live workshops and webinars on tax planning topics and IRS debt resolution strategies
- Practice concentrates on tax planning, tax controversy and IRS representation
- Adjunct professor at DePaul University’s School of New Learning and University of Phoenix, Chicago on ground campus
- Can be contacted at 630-845-9664, [email protected], or www.taxadvisorstcharles.com
Add to Wishlist
More Program Information
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.
Pay once and get a full year of unlimited training in any format, any time!
- OnDemand Courses
- Live Webinars
- MP3 Downloads
- Course Manuals
- Executive Reports
- White Papers and Articles
Additional benefits include:
- State Specific Credit Tracker
- All-Access Pass Course Concierge
Questions? Call 877-296-2169 to speak with a real person.
Access to all training products for one year
$699/year
Unlimited Lorman Training
With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!
Easy Registrations
Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.
Invest in Yourself
You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.
