Make sure you are in compliance when reporting payments made to attorneys and other third parties.
Prepare for the new IRS information returns rule in this session that covers the IRS 1099-NEC and 1099-MISC forms, as well as payment of attorney fees. This comprehensive training will provide detailed guidance on understanding the rules and regulations surrounding these forms, as well as tips to best strategize when paying out attorney fees. Learn more about the processes involved in filing and managing the 1099-NEC and 1099-MISC forms.
Learning Objectives
- You will be able to identify the history of the Bureau of Internal Revenue Under the War Revenue Act of 1917 and the Current Tax Payment Act
- You will be able to differentiate between various informational returns.
- You will be able to differentiate between IRS programs
- You will be able to identify the characteristics of various Form 1099s.
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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
- Explanation of What Information Returns Are and What They Are Used for
- Review How the IRS Uses Information Returns in General
- Overview of the Differences Between 1099-NEC and 1099-MISC Forms
1099 Forms
- What Are 1099 Forms, and What Are They Used for
- Overview of the Differences Between 1099-NEC and 1099-MISC Forms
1099-NEC Form
- When to Use the 1099-NEC Form for Reporting Attorney Fees
- How to Report Attorney Fees on the 1099-NEC Form
- Any Special Rules or Considerations for Using the 1099-NEC Form for Attorney Fees
1099-MISC Form
- When to Use the 1099-MISC Form for Reporting Attorney Fees
- How to Report Attorney Fees on the 1099-MISC Form
- Any Special Rules or Considerations for Using the 1099-MISC Form for Attorney Fees
Filing Requirements
- Deadlines for Filing 1099 Forms With the IRS
- How to File 1099 Forms With the IRS (e.g., Electronically or by Mail)
Conclusion
- Recap of the Main Points Covered in the Agenda
- Reminder of Any Important Deadlines or Actions to Take Related to Reporting Attorney Fees on 1099 Forms
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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 February 22, 2023.
Call 1-866-352-9540 for further credit information.
- AIPB 1.5
- This program is acceptable for 1.5 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.
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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
Steven A. Leahy
Law Office of Steven A. Leahy, PC
- Tax attorney and founder of Opem Tax Advocates
- Helps business professionals overcome their tax problems forever
- Has extensive knowledge and experience in the laws of IRS collections, the United States Bankruptcy Code, and Illinois foreclosure law
- Host of the popular radio show, The IRS Radio Hour, heard in the Chicago area and various other radio and television shows
- Author of the book Deal With Your IRS Problems Today
- Has conducted continuing legal education classes on IRS collections and bankruptcy laws to attorneys throughout the United States
- Graduate, cum laude, John Marshall Law School; LL.M. degree, with honors, John Marshall Law School; graduated with a degree in business administration, finance, Loyola University in Chicago
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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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