Form 1099 compliance remains a challenge for many companies. A number of prominent firms are currently facing investigations for improper use of the form. The only way to prevent costly errors and IRS penalties is to ensure that your 1099 policies conform to the best practices.
This Live Webcast will teach you how to ensure compliance with these best practices and how to head off potential problems for this year’s 1099s. The program will cover many critical issues in this area, including:
- Credit card transactions to merchants
- Cost basis reporting
As well as: why the Form W-9 has changed, and how your payees should complete it, when there is no need a Form W-9, how to avoid being held liable by the IRS for backup withholding, how to make sure the names and numbers your payees provided match the IRS’s files, how to identify reportable payments, what to do if you can’t tell whether a payee or payment is exempt from reporting, and whether you might also have state reporting obligations.
Changes to Form 1099 in 2009: Best Practices for Finance & Accounting Executives LIVE Webcast is a must attend event for accounting & finance departments of all companies.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect
to continuing education credit.)
Advance Preparation: Print and review course materials
Course Code: 093863
Andrew Elvester
Senior Product Marketing Manager
Sara Turner, JD, CPA, EA
Tax Research Specialist
Terrence Coppinger
Senior Manager
Judith Akin, EA
Manager
Andrew Elvester, Senior Product Marketing Manager, Convey
- Challenges around 1099 processing
- Year in 1099 processing
- Information around the new administration changes/Tax Gap
- How do these forth coming changes affect your organization?
Terrence Coppinger, Senior Manager, Deloitte Tax LLP
- Form 1099B - § 6045 - Return of Brokers Broker Defined
- Broker Defined
- Substitute Payment
- Payments to Attorneys
- Exempt Recipients
- Cost Basis Reporting
Sara Turner, JD, CPA, EA, , Tax Research Specialist National Association of Tax Professionals
- What is Form 1099-A?
- What is Form 1099-C?
- How are these two forms related?
- What is Form 982 and how is it used?
- Special Situations
Judith Akin, EA, Manager, Judith A. Akin, EA Tax & Financial Services
1. What is a 1099-MISC and what does it mean?
- Tax form to report various types of payments to the recipient and taxing authorities
2. What type of payments are reported on a 1099-MISC?
- Research Subjects
- Rents
- Royalties
- Prizes
- Awards
- Legal Services
- Medical / Dental Services
- Guest Speakers / Lectures
- Honorariums
- Performers
- Non-employee compensation
- Other services
3. What is the difference between a Form W-2 and a Form 1099-MISC?
a. Form W-2 is used by employers to report wages, tips and other compensation paid to an employee.
b. Form 1099-MISC is used to report payments made in the course of a trade or business to another person or business who is not an employee.
4. When are 1099-MISC Forms distributed?
a. Due date February 15. of the year following the payment
- CPAs
- CFOs
- Controllers
- Consultants
- Finance Officers
- Internal Controllers
- Tax preparers
- Enrolled Agents
- Third-party administrators
- Tax consultants/managers
This is a must attend event to anyone interested in ensuring Form 1099 compliance and finding out the best practices for affected entities
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A