Live Webinar

W-9, The Perfect Start to Perfect 1099's

Webinar Details $219

  • Webinar Date: May 15, 2024
  • Webinar Time: 12:00pm - 1:40pm EDT   live
  • Webinar Length: 100 Minutes
  • Guest Speaker:   Steven Mercatante
  • Topic:   Taxation and Accounting
  • Credit:   CPE 2.0, IRS 2.0, ATATX 1.5
All Access Membership

What’s New

  • Filing Dates
  • Increased Penalties

Questions Answered:

  • WHO should receive a W-9
  • WHO is responsible for the accuracy of W-9 information
  • WHAT does “disregarded entity” mean
  • WHAT is the importance of “tax classification”
  • WHEN are W-9’s due to Payees
  • WHEN should W-9’s be rejected & re-sent to Payees
  • HOW can I avoid name & TIN mismatch problems

Time-Saving Tips:

  • Advantages of IRS e-services
  • Verify TIN, EIN, SSN with IRS e-services
  • Train staff to verify the correctness of W-9 information
  • Train staff when to backup withholding
  • Most common mistakes on 1099’s
  • Tips on avoiding IRS penalties
  • Importance of Procedural Manual & staff training

Learning Objectives:

  • WHO should receive a W-9
  • Verify TIN, EIN, SSN with IRS e-services
  • Most common mistakes on 1099’s

Level: Basic
Format: Live webcast
Instructional Method: Group: Internet-based
NASBA Field of Study: Taxes 
Program Prerequisites: None
Advance Preparation: None

  1. Introduction 
  2. The Law - Learn it, Know it, Live it 00:02:25
  3. W-9 Overview and What’s New: 1099 E-Filing Changes 00:07:22
  4. What’s New: Form 1099-DA 00:16:06
  5. 1099-NEC 00:21:26
  6. The Form 1099-NEC  - Reportable Payments 00:30:55
  7. The Form 1099-NEC  - Payment Examples 00:33:34
  8. Expense Reimbursements, Accountable Plans, Fringe Benefits 00:36:20
  9. 1099-MISC 00:42:20
  10. 1099-MISC Box One 00:42:40
  11. 1099-MISC Box Two 00:46:05
  12. 1099-MISC Box Three 00:47:00
  13. 1099-MISC Box Four 00:49:29
  14. 1099-MISC Box Six 00:51:06
  15. 1099-MISC vs. 1099-NEC Director’s Payments 00:51:43
  16. The “Other 1099’s”: The 1099-K 00:54:09
  17. The “Other 1099’s”: The 1099-R 00:58:54
  18. The “Other 1099’s”: The 1099-INT 01:02:47
  19. The “Other 1099’s”: The 1099-B 01:04:50
  20. The “Other 1099’s”: The 1099-DIV 01:07:43
  21. 1099’s Start With The W-9 01:10:00
  22. 1099’s Start With The W-9 -  When to Get an Updated Form W-9 01:26:57
  23. Payee Refuses to Provide TIN: What Do You Do? 01:28:19
  24. Form W-9 Solicitations As A Key Year-End Task 01:28:44
  25. Your 1099 Year-End Baseline 01:30:02
  26. Validating Data - Problem Payees - U.S. Corporations 01:31:20
  27. Validating Data - Problem Payees - The LLC 01:31:58
  28. Validating Data - Problem Payees -  The LLC as the Disregarded Entity 01:32:35
  29. Validating Data – The Exempt Organization - Tax Exempt Organization Search Tool 01:33:49
  30. Validating Payee Data – TIN Match Program 01:34:15
  31. Protect Yourself 01:35:55
  32. Attendee Questions 01:37:17
  33. Presentation Closing 01:46:03

  • Accountable Plan 00:36:31
  • Audit 00:42:08, 01:02:46, 01:13:34
  • Backup Withholding 00:49:33, 01:23:20, 01:28:17
  • B-Notice 00:03:54, 01:34:38
  • Contract 00:54:02
  • CP-2100 00:03:52
  • Cryptocurrency 00:19:13
  • De Minimis 00:39:14
  • Disregarded Entity 01:24:23
  • Due Diligence 01:19:49
  • EIN 01:28:12
  • Exempt 01:33:59
  • Expense 00:37:00
  • Expense Reimbursement 00:34:44, 00:51:49
  • Fair Market Value (FMV) 00:47:30
  • FATCA 00:28:14
  • FIRE - File Information Returns Electronically 00:08:46, 00:11:38
  • Form 1042 00:07:35, 00:29:55, 01:18:10
  • Form 1042-S 01:18:10, 01:33:09
  • Form 1099-B 01:04:52
  • Form 1099-DA 00:16:09
  • Form 1099-DIV 01:08:10
  • Form 1099-INT 01:02:49
  • Form 1099-K 00:54:13
  • Form 1099-MISC 00:21:31, 00:24:18, 00:26:50, 00:42:20, 00:50:59, 00:58:25
  • Form 1099-NEC 00:21:30, 00:24:18, 00:26:50, 00:31:21, 00:43:11, 00:58:25
  • Form 1099-OID 01:34:15
  • Form 1099-PATR 01:34:15
  • Form 1099-R 00:58:59
  • Form 1099-S 01:34:15
  • Form 8832 01:31:58
  • Form 990 01::33:49
  • Form W-8  01:18:01
  • Form W-9 00:03:05, 00:07:29, 00:31:05, 00:42:47, 00:58:35, 01:12:34, 01:26:10, 01:31:48
  • Fringe Benefits 00:34:34, 00:337:28
  • Golden Parachute Payments 00:53:37
  • Gross Proceeds Payment 00:17:15
  • Inflation Reduction Act Of 2022 01:03:26
  • Information Returns Intake System (IRIS) 00:10:36, 00:12:04
  • Intangible Personal Property 00:46:19
  • Invoice 01:31:35
  • IRC 6050W 00:56:41
  • IRC Section 132 00:39:10
  • IRC Section 3406(a) 00:02:44
  • IRC Section 409A 00:52:04
  • IRC Section 6041(a) 00:02:39
  • IRC Section 6045 00:47:58
  • IRC Section 6109(a)(2) 00:02:36
  • IRC Section 6724 01:29:57
  • Limited Liability Company (LLC) 00:03:38, 00:45:09, 00:55:06, 01:14:53, 01:24:51, 01:31:58
  • Nonqualified Deferred Compensation (NQDC) 01:01:53:
  • Real Property 00:44:16
  • Reasonable Cause 01:29:56
  • Safe Harbor 01:12:27
  • Shareholder 01:09:01
  • Sole Proprietor 00:56:05, 01:24:08
  • Tax Exempt Organization Search Tool 01:34:04
  • TIN 00:02:52, 00:33:26, 01:23:18, 01:34:21
  • TIN Match Program 01:34:14
  • Transmitter Control Code (TCC) 00:09:02, 00:14:58
  • Unclaimed Property 01:01:17
  • Vendor 00:02:48, 00:08:39, 00:11:54, 00:21:54, 00:42:59, 00:49:49, 00:54:39, 01:24:40, 01:34:23

Accountable Plan: An accountable plan is a plan that follows the Internal Revenue Service (IRS) regulations for reimbursing workers for business expenses in which reimbursement is not counted as income. ... However, these expenses must be business-related to fall under an accountable plan.

Audit: A formal examination of an organization's or individual's accounts or financial situation

B-Notice: A notice from the IRS stating that one or more tax ID numbers were missing from a 1099 or do not match the IRS records.

Backup Withholding: Backup withholding is the tax that is levied on investment income, at an established tax rate, as the investor withdraws it. Backup withholding helps to ensure that government tax-collecting agencies (such as the IRS or Canada Revenue Agency) will be able to receive income taxes owed to them from investors' earnings. (

CP-2100: It is a notice that tells a payer that he or she may be responsible for backup withholding. It is accompanied by a listing of missing, incorrect, and/or not currently issued payee TINs. Largevolume filers will receive a CD or DVD data file CP2100, mid-size filers receive a paper CP2100, andsmall filers receive a paper CP2100A.

Contract: A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.

Cryptocurrency: A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a digital ledger or computerized database using strong cryptography to secure transaction record entries, to control the creation of additional digital coin records, and to verify the transfer of coin ownership.

De Minimis: Too trivial or minor to merit consideration.

Disregarded Entity: A disregarded entity refers to a business entity with one owner that is not recognized for tax purposes as an entity separate from its owner. A single-member LLC ( “SMLLC”), for example, is considered to be a disregarded entity. (

Due Diligence: Due diligence is a process or effort to collect and analyze information before making a decision or conducting a transaction so a party is not held legally liable for any loss or damage. The term applies to many situations but most notably to business transactions.

EIN: The Employer Identification Number, also known as the Federal Employer Identification Number or the Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service to business entities operating in the United States for the purposes of identification.

Exempt : Exempt employee is a term that refers to a category of employees set out in the Fair Labor Standards Act. They do not receive overtime pay, nor do they qualify for the minimum wage

Expense: Offset (an item of expenditure) as an expense against taxable income.

Expense Reimbursement: Expense reimbursement is a method for paying employees back when they spend their own money on business-related expenses. These expenses generally occur when an employee is traveling for business but can occur in other work-related situations. (

FACTA - Fair and Accurate Credit Transactions Act: The Fair and Accurate Credit Transactions Act (FACTA) is a federal law enacted by the United States Congress in 2003. Its stated purpose was to enhance consumer protections, particularly in relation to identity theft.

FIRE - File Information Returns Electronically: The IRS FIRE system is the electronic network used to accept and process most types of filing forms. Technically, it stands for File Information Returns Electronically.

Fair Market Value (FMV): The term fair market value is used throughout the Internal Revenue Code among other federal statutory laws in the USA including Bankruptcy, many state laws, and several regulatory bodies. In litigation in many jurisdictions in the United States, the fair market value is determined at a hearing.

Form 1042: Form 1042, also "Annual Withholding Tax Return for U.S. Source Income of Foreign Persons", is used to report tax withheld on certain income of foreign persons.

Form 1099-B: Proceeds From Broker and Barter Exchange Transactions is an Internal Revenue Service (IRS) tax form that is issued by brokers or barter exchanges. The form lists the gains or losses of all broker or barter exchange transactions.

Form 1099-DA: This form is specifically designed to handle the reporting for cryptocurrency and digital assets.

Form 1099-DIV : Form 1099-DIV: Dividends and Distributions is an Internal Revenue Service (IRS) form sent to investors who receive distributions from any type of investment during a calendar year. Investors can receive multiple 1099-DIVs. Each Form 1099-DIV should be reported on an investor's tax filing.

Form 1099-INT: Form 1099-INT is the IRS tax form used to report interest income. The form is issued by all payers of interest income to investors at year end and includes a breakdown of all types of interest income and related expenses. Payers must issue Form 1099-INTs for any party to whom they paid at least $10 of interest during the year.

Form 1099-K: A payment settlement entity (PSE) must file Form 1099-K for payments made in settlement of reportable payment transactions for each calendar year. A PSE makes a payment in settlement of a reportable payment transaction, that is, any payment card or third party network transaction, if the PSE submits the instruction to transfer funds to the account of the participating payee to settle the reportable payment transaction.

Form 1099-MISC: The Form 1099-MISC is an Internal Revenue Service (IRS) tax return document used to report miscellaneous payments made to nonemployee individuals, such as independent contractors, during the calendar year. (

Form 1099-NEC: In the context of 1099 tax filing, NEC stands for “Nonemployee Compensation” (the first letters of the three words None, Employee and Compensation). Most tax payers recognize NEC as box 7 on Form 1099-MISC. NEC is used to report income paid to independent-contractors / the-self-employed (referred to as 1099 employees for simplification purposes). So, while employers report income that gets paid to employees on Box 1 (Wages, tips, other compensation) of the W2 form, payers report income that gets paid to none-employees on Box 7 (NEC) of the 1099-MISC form. As an individual, if you received form 1099-MISC instead of Form W-2 then the payer did not consider you an employee and did not withhold income tax or social security and Medicare tax.

Form 1099-OID: Form 1099-OID is a tax form intended to be submitted to the Internal Revenue Service by the holder of debt instruments which were discounted at purchase to report the taxable difference between the instruments' actual value and the discounted purchase price.

Form 1099-PATR: File Form 1099-PATR, Taxable Distributions Received From Cooperatives, for each person to whom the cooperative has paid at least $10 in patronage dividends and other distributions described in section 6044(b), or from whom you withheld any federal income tax under the backup withholding rules regardless of the amount of the payment.

Form 1099-R: Form 1099-R is a tax form from the Internal Revenue Service (IRS) for reporting distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts, or pensions.

Form 1099-S: A Form 1099-S is a tax document used to ensure that the full amount received for a real estate sale of some kind is accurately reported. A 1099-S can also be used to report income made on a rental property or investment property. For selling real estate, the buyer must complete and file their own 1099-S.

Form 8832: Form 8832 is the Entity Classification Election form from the IRS. It is filed to elect a tax status other than the default status for your entity. For example, an LLC can elect to be taxed as a C Corporation.

Form 990 : Form 990 (officially, the "Return of Organization Exempt From Income Tax") is a United States Internal Revenue Service form that provides the public with financial information about a nonprofit organization. It is often the only source of such information.

Form W-8: Form W-8 is filled out by foreign entities (citizens and corporations) in order to claim exempt status from certain tax withholdings. The form is used to declare an entity's status as non-resident alien or foreign national who works outside of the United States.

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 (

Fringe Benefits: An extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.

Golden Parachute Payments: Golden parachute payments are payments of compensation made to individuals whose companies experience a change in control

Gross Proceeds Payment: When a business sells an asset, whether tangible or intangible, it receives a payment, which is the gross proceeds. The amount includes the costs of production and other costs and expenses related to the transaction.

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.

IRC Section 132: Internal Revenue Code Section 132(a) provides eight types of fringe benefits that are excluded from gross income

IRC Section 3406(a): Requires that, under certain circumstances, including the payee's failure to provide a TIN, the payer must perform backup withholding.

IRC Section 409A: Section 409A of the United States Internal Revenue Code regulates nonqualified deferred compensation paid by a "service recipient" to a "service provider" by generally imposing a 20% excise tax when a certain design or operational rules are contained in the section are violated.

IRC Section 6041(a): Provides that persons engaged in trade or business must report certain payments on an information return.

IRC Section 6045: Every person doing business as a broker shall, when required by the Secretary, make a return, in accordance with such regulations as the Secretary may prescribe, showing the name and address of each customer, with such details regarding gross proceeds and such other information as the Secretary may by forms or regulations require with respect to such business.

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.

Information Returns Intake System (IRIS): The Information Returns Intake System (IRIS) Taxpayer Portal is a system that provides a no cost online. method for taxpayers to electronically file Form 1099 series. The Taxpayer Portal allows you to enter. data to create Forms 1099 by either keying in the information or uploading a .csv file.

Intangible Personal Property: Intangible personal property is an item of individual value that cannot be touched or held. Intangible personal property can include any item of worth that is not physical in nature but instead represents something else of value. Examples of intangible personal property include patents, copyrights, life insurance contracts, securities investments, and partnership interests.

Invoice: An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice.

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.

Nonqualified Deferred Compensation (NQDC): A nonqualified deferred compensation (NQDC) plan is an elective or non-elective plan, agreement, method, or arrangement between an employer and an employee (or service recipient and service provider) to pay the employee or independent contractor compensation in the future. (

Real Property: Real property is land and any property attached directly to it, including any subset of land that has been improved through legal human actions. Examples of real properties can include buildings, ponds, canals, roads, and machinery, among other things

Reasonable Cause : Reasonable cause is based on all the facts and circumstances in your situation. The IRS will consider any reason which establishes that you used all ordinary business care and prudence to meet your federal tax obligations but were nevertheless unable to do so.

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.

Shareholder: A shareholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders may be referred to as members of a corporation.

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.

Substantial Presence Test (SPT) : The Substantial Presence Test (SPT) is a criterion used by the Internal Revenue Service (IRS) in the United States to determine whether an individual who is not a citizen or lawful permanent resident in the recent past qualifies as a "resident for tax purposes" or a "nonresident for tax purposes"; it is a form of physical presence test. The SPT should be used in conjunction with the Green Card Test (the criterion that the individual possessed a valid Green Card at any time of the year). An individual who satisfies either one or both of these tests is treated as a resident for tax purposes.

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.

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.

Tax Exempt Organization Search Tool: Tax Exempt Organization Search helps users find information about a tax-exempt organization’s federal tax status and filings.

Transmitter Control Code (TCC): The Transmitter Control Code (TCC) is an identifier that the IRS uses to distinguish different electronic filing companies. It's necessary when you need to file for a correction. Getting a TCC depends on how you file your 1099 forms

Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.

Guest Speaker

  • Steven Mercatante