Live Webinar or Recording

December 1, 2020, 12:00 pm - 1:40 pm Eastern

Credit: CPE: 2, IRS: 2 (Live Only)

Form 1099-MISC is one of the most common Information Reporting Forms that businesses, estates, trusts and non-profits are required to file at the end of the calendar year. It is also the Form 1099 that most commonly has errors identified by the IRS. Even worse, it has been completely revamped and both the data validation and filing process will be completely new this year. So what can you do NOW to prepare a Form 1099-MISC early next year and avoid notices of errors from the IRS? By developing best practices and exercising due diligence collecting data to be included on the Forms 1099-MISC.

• The most common mistakes are not the amounts in the boxes but the mis-match of the payee’s name and the payee’s Identification Number whether it be a Social Security Number, Employer’s Identification Number, or Taxpayer’s Identification Number.
• The second most common mistake is failure to prepare Form 1099-MISC for payment of services of $600 or more.
• Lastly, by confusing what gets reported on the Form 1099-MISC and what is to be reported on the brand new 1099-NEC

At the completion of this course you will have the tools necessary to evaluate the W9 and prepare a Form 1099-MISC with all the blocks properly completed.

Contents:

• Review W-9 for Accuracy & Completeness
• Match W-9 SSN, EIN, TIN to IRS records
• Entities Who Should Send 1099 MISC
• Entities Who Should Receive a 1099-MISC
• Block by Block Instructions of 1099-MISC

Important Issues Covered:

• What name and EIN/SSN goes on the 1099-MISC?
• How do I know what amount goes in which block?
• Example: When to report rental related payments on the Form 1099-MISC versus those that get reported on the Form 1099-NEC versus those get reported on the Form 1099-S
• Example: When gross proceeds paid to an attorney and settlement payments paid to a claimant are reported on the 1099-MISC in boxes 3 or 10 versus those reported on other Forms 1099 or not reported at all
• Example: When to report payments to medical service providers in box 6 of the 1099-MISC versus box 1 of the Form 1099-NEC

Learning Objectives:

• You will learn the most common mistakes
• You will learn how to review for accuracy and completeness
• You will learn entities who should receive a 1099 MISC

Guest Speaker: Steven Mercatante - TIR Consulting LLC

Level: Basic

Format: Live Webcast

Field of Study: Taxes

Program Prerequisites: None

Advanced Preparation: None

Aurora Training Advantage is registered with the National Association of State Boards of Accountancy (NASBA) as a 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 website: www.nasbaregistry.org.

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