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IRS Form 1099-MISC Reporting Requirements and Updates

Date: Monday, April 29, 2019
Time: 1:00 - 2:40 pm EST

Sponsored by Lorman Education Services


Registration - Live Webinar Only: $219.00

Registration - Live Webinar Plus CD Recording: $288.00
 

Don’t expose yourself to compliance violations. Find out everything you need to know about Form 1099-MISC.

Many accounts payable and accounting departments struggle with correctly completing Form 1099-MISC. They often do not know how to issue a 1099-MISC to disregarded entities or how to report special payments such as legal settlements or payments made after the death of an employee. Payable departments often miss deadlines when responding to IRS B notices which can result in penalties.

This topic helps the people responsible for issuing the 1099-MISC forms to collect the pertinent information to complete a correct 1099-MISC form including payee information, information about proper boxes to report payments and how to handle follow-up questions from the IRS via B notice letters. Information covered includes new issues for 2017 reporting, how to report to disregarded entities, how to report medical payments, and legal settlements and the proper reporting for payments made after the death of an employee.

Failing to properly complete and file 1099-MISC forms is a common issue which exists for all payers, both for-profit and not-for-profit entities. The result of issuing incorrect 1099-MISC forms is often penalties imposed on the payer. This topic will help payers avoid penalties as well as limit the number of corrected 1099-MISC forms they will have to prepare.

Learning Objectives:

  • You will be able to define the purpose of Form 1099-MISC.
  • You will be able to explain backup withholding and the B notice process.
  • You will be able to identify the correct 1099-MISC reporting for various types of payments.
  • You will be able to recognize how to report payments made to disregarded entities.
This Live Webinar Covers These Hot Issues

What's New

  • Di Minimis Rules for Corrections
  • New Due Dates

Form W-9

  • What Is a TIN?
  • Who Completes a W-9?
  • What to Do With Disregarded Entities

1099-MISC Rules

  • What Is the Difference Between Box 3 and Box 7?
  • Where Do You Report Legal Settlements and Medical Payments?
  • When Are 1099-MISC Forms Due to Recipients and the IRS?

Other 1099-MISC Considerations

  • Back-up Withholding and B Notices
  • Penalties

Credit Information (Sponsored by Lorman Education Services):

  • CPE
  • AIPB
  • NASBA
  • Enrolled Agents

For Detailed Credit Information page click here

Only registered attendee will receive continuing education credit.

Faculty

T. Scott Tufts, Esq., CPLS, P.A.

  • After running his own firm from 2004-2018, he joined CPLS, P.A. in January 2019
  • Tax and business law attorney with over 27 years of experience taking on complex business and tax matters, often of a forensic nature
  • Practice areas stretch beyond IRS disputes, extending into complex areas such as employee vs. independent contractor disputes, IRS and related whistle-blowing, abusive tax shelter and scheme analysis, LLC, LLP, and LLLP disputes, and probate and trust estate litigation, with an emphasis on exploitation of the elderly claims impacting estates
  • Advises on a national level, assisting on the unique issues that arise as part of his practice areas, whether it is IRS Forms Analysis and Review (focusing on Forms 8886, 8082, K-1, SS-8, Form 211, Form 911, and many others); Tax Shelter Analysis, or Partners in Peril; or IRS Whistle-blower Claims
  • Conducts regular seminars and workshops on areas focused on whistle-blowers and the handling of IRS disputes, as well as in the areas of probate and tax, and partnership and LLC matters
  • Wrote several publications: Evaluating LLC Operating Agreements Containing Carte Blanche Authority and Right to Rely Provisions Purporting to Release Third Parties from Any Duty to Inquire, Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIX, No. 2, p. 7, 10-26 (Fall 2013); AD Global and the Statute of Limitations for TEFRA Partnerships: Will the TMP Ever Have to Stop Looking in the Rear View Mirror for the IRS, Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIV, No.2, p.14, pp.25-29 (February 2006); It Ain’t Over ‘Til Its Over: When Partnership Tax Vessels Make Ill-Advised Journeys and Wind-Up at Harbor Cove Marina, Journal of Business Entities (September/October 2004); What IRS Form 8082 Can Do For You (and to you!) and Your Closely-Held Partnership Now that the IRS’ K-1 Matching Program is Underway, BNA Tax Management Real Estate, Vol. 19, No. 12 (December 3, 2003); Are Single-Member LLCs a Ticking Time-Bomb for Asset Protection?, Are Single-Member LLCs of Any Utility for Asset Protection after the Florida Supreme Court’s Decision in Olmstead?, ABA Teleconference, August 24, 2010
  • LL.M. degree, taxation, University of Miami School of Law; J.D. degree, Wake Forest University School of Law; B.S. degree, accounting, Florida State University

(Not available outside the US)