Form 1099 Due Diligence: Avoid Costly Mistakes
Webinar Details $219
- Webinar Length: 100 Minutes
- Guest Speaker: Steven Mercatante
- Topic:   Taxation and Accounting
- Credit:   CPE 2.0, IRS 2.0
The seemingly never-ending and complicated changes to the 1099 forms require you to stay diligent. Reporting issues are commonly a top priority and there is no better way to stay up to date on the issues, exercise best practices, practice due diligence, and avoid costly mistakes. The IRS thinks Forms 1099 are important. They asked and Congress agreed to increase the failure to timely file and the failure to file a correct Information Return penalties for Forms filed. This webinar will go over developing a best practices manual and includes helpful hints on ways to avoid potential penalties and those time consuming “B” Notices.
What better way to prepare for the coming Form 1099 filing season that to learn current preparing and filing guidelines, along with the latest helpful hints.
- What’s New – Filing Dates
- What’s New – Penalty Increases and Abatements
- Compliance Responsibility of Income Tax Preparer
- Compliance Responsibility of Payer
- Definition of Due Diligence
- Identifying Types of Payments Requiring 1099s
- Identifying Types of Entities Who Should Receive a 1099
- Most Common 1099 Mistakes
- Use IRS e-Services to Avoid TIN and Name Matching Problems
- What’s New 00:01:12
- What’s New - The 2020 1099-NEC 00:06:08
- What’s New - The 2020 1099-NEC - Reportable Payments 00:07:50
- What’s New - The 2020 1099-NEC - Reportable Payments - Box 1 00:11:42
- What’s New - The 2020 1099-NEC - Nonreportable Payments 00:16:11
- What’s New - The 2020 1099-NEC - Other Implications 00:20:15
- What’s New - The 2020 Form 1099-MISC 00:24:54
- What’s New - The 2020 Form 1099-MISC - Boxes 1,2,3, and 6 00:29:31
- What’s New - The 2020 Form 1099-MISC - Nonreportable Payments 00:41:57
- What’s New - The 2020 Form 1099-MISC - Related Implications 00:44:00
- What’s New - The 2020 Form 1099-MISC - Related Implications (cont’d) 00:50:04
- What’s New - The 2020 1099-NEC and 1099-Misc - Your Action Steps 00:57:55
- 1099 Reporting Starts With The W-9 01:00:06
- Watch Those TIN’s! 01:02:14
- Watch Those TIN’s! (cont’d) 01:02:57
- Getting Ready to File: Your Baseline 01:04:42
- Validating Data - Identifying Your Payment: Exempt Payments 01:05:46
- Validating Data- Identifying Your Payee: How To Know Who’s Who 01:07:28
- Validating Data- U.S. Persons 01:09:39
- Validating Data - W-9 Red Flags for Non_U.S. Payees 01:11:04
- Validating Data - Problem Payees 01:14:20
- Validating Data - Problem Payees - The LLC 01:15:04
- Validating Data - Problem Payees -The LLC as the Disregarded Entity 01:15:49
- Validating Data - The Exempt Organization 01:16:55
- Validating Payee Data - TIN Match Program 01:17:53
- Reporting - The Basics 01:20:07
- Filing Tips - The Middleman 01:21:53
- Paper Filing Tips 01:25:05
- The “Other 1099’s: The 1099-K 01:27:59
- The “Other 1099’s: The 1099-R 01:30:27
- The “Other 1099’s: The 1099-INT, 1099-B, 099-DIV, 1099-C 01:31:52
- B-Notice - Coming in April 01:32:52
- Corrections Tips 01:34:03
- Protect Yourself 01:35:21
- Attendee Questions 01:36:18
- Presentation Closing 01:43:18
- Audit 00:02:37
- Backup Withholding 00:19:44, 00:44:10
- B-Notice 00:45:16, 01:33:52
- C Corporation 01:01:53
- CP-2100 01:33:14
- CP2100-A 01:33:14
- DBA -Doing Business As 01:00:56
- EIN 01:03:00, 01:16:10
- Form 1042-S 01:09:09
- Form 1099-B 01:17:54, 01:32:19
- Form 1099-C 01:32:30
- Form 1099-DIV 01:17:54, 01:32:26
- Form 1099-INT 01:17:54, 01:32:01
- Form 1099-K 01:17:54, 01:28:03
- Form 1099 MISC 00:08:05, 00:24:53, 01:05:52
- Form 1099-NEC 00:04:00, 00:07:50, 00:09:29, 00:33:44
- Form 1099-OID 01:17:54
- Form 1099-PATR 01:17:54
- Form 1099-R 01:30:28
- Form 8832 01:15:21
- Form 945 00:47:26, 01:08:59
- Form 990 01:17:30
- Form W-2 00:15:21
- Form W-9 01:00:09
- Fringe Benefits 00:15:50
- Garnishment 00:37:18
- IRC 6050W 01:07:09
- IRC Section 3406(a) 00:04:38, 00:44:30
- IRC Section 6041(a) 00:04:37
- IRC Section 6109(a)(2) 00:04:39
- ITIN 01:12:09
- Limited liability company (LLC) 01:01:26, 01:115:08
- Resident Alien 01:12:11
- Safe Harbor 00:03:48
- S Corporation 01:01:53
- Sole Proprietor 01:01:29, 01:15:54
- Tax Cuts and Jobs Act 00:59:19
- Tax Exempt Organization Search Tool 01:17:16
- Tax Gap 00:01:44
- TIN 00:44:44, 01:00:27, 01:12:02
- TIN Match Program 01:17:59
Limited liability company (LLC): An LLC is a corporate structure where members cannot be held accountable for the company’s debts or liabilities. This can shield business owners from losing their entire life savings if, for example, someone were to sue the company. Can be a single member (much like a sole proprietor) or a multi-member. It shares certain traits of both corporations as well as partnerships or sole proprietorships. It is not a corporation.
Fringe Benefits: An extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
IRC Section 6041(a): Provides that persons engaged in trade or business must report certain payments on an information return.
IRC Section 6109(a)(2): Requires that a payee provide a TIN to the payer when the payment will be reportable on an information return.
IRC Section 3406(a): Requires that, under certain circumstances, including the payee's failure to provide a TIN, the payer must perform backup withholding.
Safe Harbor: A safe harbor is a provision of a statute or a regulation that specifies that certain conduct will be deemed not to violate a given rule. It is usually found in connection with a vaguer, overall standard. Under the safe harbor, a “rental real estate enterprise” is treated as a trade or business for purposes of Sec. 199A if at least 250 hours of services are performed each tax year with respect to the enterprise. ... The safe harbor requires that separate books and records be maintained for the rental real estate enterprise.
Form W-9: Form W-9 (officially, the "Request for Taxpayer Identification Number and Certification") is used in the United States income tax system by a third party who must file an information return with the Internal Revenue Service (IRS). It requests the name, address, and taxpayer identification information of a taxpayer (in the form of a Social Security Number or Employer Identification Number). - Wikipedia (https://en.m.wikipedia.org/)
IRC 6050W : Section 6050W requires information returns to be made for each calendar year by merchant acquiring entities and third party settlement organizations with respect to payments made in settlement of payment card transactions and third party payment network transactions occurring in that calendar year.
Tax Exempt Organization Search Tool: Tax Exempt Organization Search helps users find information about a tax-exempt organization’s federal tax status and filings.
TIN Match Program: TIN Matching is part of a suite of Internet-based pre-filing e-services that allows “authorized payers” the opportunity to match 1099 payee information against IRS records prior to filing information returns.
ITIN : An Individual Taxpayer Identification Number is a United States tax processing number issued by the Internal Revenue Service. It is a nine-digit number that begins with the number 9, and the 4th and 5th digits, also known as second section, range from 70 to 88, 90 to 92 and 94 to 99.
Tax Cuts and Jobs Act: The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, Pub.L. 115–97, is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act, that amended the Internal Revenue Code of 1986.
TIN: A Taxpayer Identification Number is an identifying number used for tax purposes in the United States and in other countries under the Common Reporting Standard. In the United States, it is also known as a Tax Identification Number or Federal Taxpayer Identification Number.
Tax Gap: The gross tax gap is the difference between true tax liability for a given tax year and the amount that is paid on time. It is comprised of the nonfiling gap, the underreporting gap, and the underpayment (or remittance) gap.
Garnishment: A legal summons or warning concerning the attachment of property to satisfy a debt
S Corporation: An S corporation, for United States federal income tax, is a closely held corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. In general, S corporations do not pay any income taxes.
Sole Proprietor: A business that legally has no separate existence from its owner. The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.
Resident Alien : A resident alien is a foreign person who is a permanent resident of the country in which he or she resides but does not have citizenship. To fall under this classification in the United States, a person needs to either have a current green card or have had one in the previous calendar year.