1099 Essentials
Author: Steven D. Mercatante
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Form 1099 Essentials is the course that will help you understand what 1099 reporting is, why it is important, and what could happen to your company if it is not done. In one information packed course you’ll gain a broad understanding of Form 1099 reporting, with special focus on the Forms 1099-NEC and 1099-MISC. You’ll learn the key elements needed to comply with IRS requirements and discover how best to respond to the IRS.
Publication Date: June 2023
Designed For
If you are new to 1099 reporting, you supervise 1099 compliance, or if you have questions and would benefit from a refresher.
Topics Covered
- The key elements that make for successful 1099 reporting
- What you are required to report on Form 1099 and how to recognize when those payments are reportable
- An in depth-look at the Form 1099-NEC/MISC boxes, the most commonly used forms for 1099 reporting
- What information you need from your payee to properly report a payment
- How to use the W-9 to collect the correct information and when you are required to obtain a signed W-9
- How to use the IRS TIN Matching Program and how it can help ensure the information you have is correct
Learning Objectives
- Identify the key elements needed to comply with IRS requirements and identify how best to respond to the IRS
- Recognize what you are required to 1099 report and when those payments are reportable
- Identify Form 1099-NEC/MISC boxes
- Describe what information you need from your payee to properly report a payment
- Recognize how to use the W-9 to collect the correct information and when you are required to obtain a signed W-9
- Identify how to use the IRS TIN Matching Program and how it can help ensure the information you have is correct
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
