1099 Reporting of Settlements and Payments to Attorneys
The IRS is paying close attention to third-party payers, including small and mid-size businesses, and how they report payments made to subcontractors, attorneys, architects and other service providers on Form 1099-MISC.
During this must-attend session our expert speaker will explore:
- How to comply with IRS rules when reporting attorney fees and other third-party payments
- Documentation requirements and instructions for forms 1099-MISC
Plus, you will learn what your organization needs to be doing now to be meet reporting deadlines and ensure compliance including:
- How Form 1099-MISC reporting requirements have expanded
- How to report punitive legal damage awards and gross proceeds paid to attorneys
- Handling of multiple 1099s
- Which payments are taxable and reportable and which are considered exceptions
- Handling 1099 reporting for settlement agreements
- Whether attorney fees are reportable in box 7 or 14
- Learn when an LLC is not reportable as a corporation and when it is as a company
- Discover how to report multi-member LLC's with corporate owners
- Address reporting issues cropping up with incorporated legal service providers
Steven Mercatante is the principal and founder of TIR Consulting, LLC. He is a nationally recognized leader in tax reporting education and consulting on specialized compliance issues. He has conducted on-site consultation for corporate clients from across the world and led countless seminars and webinars for Convey Compliance Systems, IAPP, Balance Consulting, The Accounts Payable Network, Accounts Payable Now and Tomorrow, Progressive Business Conferences, The Center For Competitive Management,... View Full Profile
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