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IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

IRS focus on Form 1099 compliance has intensified, enhance your processes and minimize penalty risks.

Over the past 2 years, the IRS has had a renewed focus on Form 1099 compliance, and we have seen a number of large audits on this area. We have seen many organizations under these audits realize that the processes they put in place were not sufficient for this often-overlooked area of compliance. This session is intended for organizations and individuals who already have put in place a Form 1099 process but want to take another look to ensure that they are not at risk for penalties. We will discuss the common pain points and provide practical advice on how to better improve your operational process. The session will also cover the best approaches when you realize that there are potential gaps in your process or have received penalty notices from the IRS.

Learning Objectives

  • You will be able to identify the characteristics of a TCC number.
  • You will be able to differentiate what is reported in the 1099 return boxes.
  • You will be able to identify the matching processes and requirements.
  • You will be able to identify B Notice requirements.

63 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 38 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

Updates: Current 1099 Landscape

  • IRS Audit Activity and Areas of Focus
  • Transmitter Control Codes (TCC)
  • Information Return Intake System (IRIS)

Advanced Issues: Common Pain Points and Potential Audit Exposure

  • State 1099 Reporting
  • Legal Settlements
  • Medical and Legal Services
  • Reimbursements

Best Practices

  • TIN Matching
  • Responding to Penalty Notices
  • Correcting Past Issues

Questions and Answers

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Why Lorman?

Over 38 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 30, 2024.

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

  • CPE/NASBA - QAS Self Study 1.8 including Taxes 1.8
     
  • 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: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.8 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 38 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 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 38 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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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 411578
Published 2024
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