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IRS Form 1099-MISC Reporting Requirements And Updates

Webinar: ID# 1027621
Recorded CD or On-Demand
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About This Course:
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 webinar helps the persons responsible for issuing the 1099-MISC forms to collect the pertinent information to complete a correct Form 1099-MISC including payee information, information about proper boxes to report payments and how to handle follow-up questions from the IRS via B-Notice letters.

New issues for 2016 reporting, how to report to disregarded entities, how to report medical payments, legal settlements and the proper reporting for payments made after the death of an employee will be explained.

Failing to properly complete and file Forms 1099-MISC 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 class will help payers avoid penalties as well as limit the number of corrected Forms 1099-MISC they will have to prepare.

AGENDA

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
About The Presenter

Mary H. Angelbeck
  • Retired member of Ernst & Young’s National Employment Tax/Information Reporting Group
  • Enrolled agent with the IRS
  • More than 30 years of experience in the field of taxation, both as a state administrator and as a consultant
  • Practice included managing large payroll restructuring projects; payroll tax advisory services related to mergers and acquisitions; providing year-end federal, multistate, and local payroll tax advisory services; payroll related federal, state and local tax controversy and federal as well as state and local information reporting (1099 and 1042-S) issues
  • Speaker local chapters of the American Payroll Association, the New York University Annual Institute on State and Local Taxation, the Federation of Tax Administrators, the Tax Executives Institute, the Counsel on State Taxation, The American Bar Association, the Pennsylvania Institute of CPAs and The Lorman Group
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IRS Form 1099-MISC Reporting Requirements And Updates
Available on CD or On-Demand formats
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