Sy3chfrktuemknyxm46a

Understanding IRS Form 1099-NEC and Form 1099-MISC and Best Practices Live Webinar Online

Oct 29 - Credits Enrolled Agents, NASBA, AIPB

  Enroll in Course

October 29, November 13, December 7, or December 21 at 1:00 - 2:40 pm EST

Find out everything you need to know about Form 1099-NEC and Form 1099-MISC to avoid compliance violations.

In July 2019, the IRS issued a release draft of a new Form 1099 for use commencing in the 2020 tax year (i.e., in 2021), a Form 1099-NEC to replace the Form 1099-MISC, Box 7 and Box 9 for reporting direct sales of $5,000 or more. This means that commencing in 2021, when reporting with regard to the 2020 calendar year, there are now two (2) different forms to consider (Form 1099-MISC and Form 1099-NEC), as opposed to one. In this topic, we will focus on the new forms, and how to fill them out properly, with an emphasis on some of the confusion that exists. Boxes 3 and 7 of the Form 1099-MISC form, as well as knowing what items go on which form will be discussed. Learn what reconfiguration may be needed of your accounting systems and ensure that you identify vendors that will now require the two different forms (for e.g., rents and lawn maintenance) and what training and communication will be needed to prevent confusion. Issuers need to plan now on how to reconfigure their accounting systems, train and communicate with vendors, using best practices. Those best practices need to include Form W-9 preparation, and addressing backup withholding, and how to avoid penalties. There are hot spots that also need to be addressed, such as how to distinguish employee compensation from nonemployee compensation, addressing Section 530 issues, and spotting when fraudulent forms 1099 are issued implicating Section 7434 claims. Many accounts payable and accounting departments struggle with correctly completing Form 1099-MISC. They often do not know how to issue a 1099-MISC to disregarded entities or how to report special payments such as legal settlements or payments made after the death of an employee. Payable departments often miss deadlines when responding to IRS B notices which can result in penalties. This material will help those responsible for issuing these forms to collect the pertinent information to complete a correct 1099-MISC or 1099-NEC form. Information covered includes new issues for reporting, how to report to disregarded entities, how to report medical payments, and legal settlements and the proper reporting for payments made after the death of an employee. Failing to properly complete and file these forms is a common issue which exists for all payers, both for-profit and not-for-profit entities. The result of issuing incorrect forms is often penalties imposed on the payer. This information will help payers avoid penalties as well as limit the number of corrected forms they will have to prepare.

Learning Objectives

  • You will be able to review why the IRS brought back Form 1099-NEC.
  • You will be able to explain how to input the new Form 1099-NEC information.
  • You will be able to discuss the new Form 1099-MISC and required inputs.
  • You will be able to identify when the 1099-MISC forms are due to the recipients and the IRS.

Agenda

Introduction
  • Why Did IRS Bring Back Form 1099-NEC?
  • Use of Form 1099-MISC Box 7 From 1983 to 1999
  • PATH Act (2015) and Creation of Different Due Dates for Form 1099-MISC
  • Overview of Key Distinctions Between Form 1099-NEC and Form 1099-MISC
Understanding the New Form 1099-NEC and Required Inputs
  • The Instructions to the New Form 1099-NEC
  • Inputting the New Form 1099-NEC Information
  • Form W-9 Issues- What Is a TIN? Who Completes a W-9?
  • How to Deal With Disregarded Entities?
  • Avoiding Backup Withholding Issues
  • Penalties and Penalty Avoidance
  • Section 7434 and the Fraudulent Form 1099-NEC
  • Best Practices - Reconfiguration, Training and Communication
Understanding the New Form 1099-MISC and Required Inputs
  • The Instructions to the New Form 1099-MISC
  • Inputting the New Form 1099-MISC Information
  • Knowing the Difference Between Box 3 and Box 7
  • Where Do You Report Legal Settlements and Medical Payments?
  • When Are 1099-MISC Forms Due to Recipients and the IRS?
  • Other 1099-MISC Considerations
  • Penalties
  • Best Practices - Reconfiguration, Training and Communication

Who should attend?

This live webinar is designed for accountants, CFOs, controllers, accounts payable professionals, tax managers, tax preparers, presidents, vice presidents, bookkeepers and enrolled agents.

In Partnership With Lorman Business Center, LLC


Your Instructor


T. Scott Tufts, Esq.
T. Scott Tufts, Esq.
  • Senior tax counsel, CPLS, P.A.
  • Practice emphasizes helping clients who are faced with the filing of certain IRS forms that lead to disputes, as well as tax disputes with the IRS, probate and Federal and state court disputes involving partners and members and estates
  • Practice areas include the handling of IRS tax disputes, expert witnessing, and consultation with partners, members, and their practitioners that pertain to IRS Forms 8082 (notice of inconsistent treatment and erroneous K-1s), as well as IRS Forms 8886 (Reporting of Abusive Tax Shelters), SS-8 (worker classification), 1099-MISC (independent contractors), W-2c/ Form 4852 (Substitute Form W-2 or Form 1099-R); Form 211 (whistle-blowers), Form 3949-A (referral of alleged violations of the tax laws), Form 14242 (suspected abusive tax promotions or promoters), Form 14039 (stolen identity and use of your SSN), Form 14157 (reporting of fraud or abusive tax scheme by preparer), and Form 13909 (reporting of suspect misconduct or wrongdoing of tax exempt or employee plan)
  • Conducts regular seminars and workshops on areas focused on whistle-blowers and the handling of IRS disputes, as well as in the areas of probate and tax, and partnership and LLC matters
  • Wrote several publications: “Evaluating LLC Operating Agreements Containing 'Carte Blanche' Authority and Right to Rely Provisions Purporting to Release Third Parties from Any Duty to Inquire,” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIX, No. 2, p. 7, 10-26 (Fall 2013); “AD Global and the Statute of Limitations for TEFRA Partnerships: Will the TMP Ever Have to Stop Looking in the Rear View Mirror for the IRS,” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIV, No.2, p.14, pp.25-29 (February 2006); “It Ain’t Over ‘Til It’s Over: When Partnership Tax Vessels Make Ill-Advised Journeys and Wind-Up at Harbor Cove Marina.” Journal of Business Entities (September/October 2004); “What IRS Form 8082 Can Do For You (and to you!) and Your Closely-Held Partnership Now that the IRS’ K-1 Matching Program is Underway,” BNA Tax Management Real Estate, Vol. 19, No. 12 (December 3, 2003); and “Are Single-Member LLCs a Ticking Time-Bomb for Asset Protection?” (Are Single-Member LLCs of Any Utility for Asset Protection after the Florida Supreme Court’s Decision in Olmstead?), ABA Teleconference (August 24, 2010)
  • LL.M. degree in taxation, University of Miami School of Law; J.D. degree, Wake Forest University School of Law; B.S. degree in accounting, Florida State University

Credits

OnDemand Course

  • This course was last revised on September 30, 2019.
  • No Credit Available
  • This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar - October 29, 2020

  • AIPB 2.0
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
  • Approved Continuing Education ProviderEnrolled Agents 2.0
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
  • National Registry of CPE SponsorsCPE 2.0 including Taxes 2
  • Lorman Education Services 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 web site: https://www.nasbaregistry.org/cpas/complaints. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.

Live Webinar - November 13, 2020

  • AIPB 2.0
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
  • Approved Continuing Education ProviderEnrolled Agents 2.0
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
  • National Registry of CPE SponsorsCPE 2.0 including Taxes 2
  • Lorman Education Services 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 web site: https://www.nasbaregistry.org/cpas/complaints. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.

Live Webinar - December 7, 2020

  • AIPB 2.0
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
  • Approved Continuing Education ProviderEnrolled Agents 2.0
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
  • National Registry of CPE SponsorsCPE 2.0 including Taxes 2
  • Lorman Education Services 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 web site: https://www.nasbaregistry.org/cpas/complaints. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.

Live Webinar - December 21, 2020

  • AIPB 2.0
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
  • Approved Continuing Education ProviderEnrolled Agents 2.0
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
  • National Registry of CPE SponsorsCPE 2.0 including Taxes 2
  • Lorman Education Services 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 web site: https://www.nasbaregistry.org/cpas/complaints. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.

Get started now!



Frequently Asked Questions


When does the course start and finish?
The course starts now and never ends! It is a completely self-paced online course - you decide when you start and when you finish.
How long do I have access to the course?
How does lifetime access sound? After enrolling, you have unlimited access to this course for as long as you like - across any and all devices you own.
What if I am unhappy with the course?
We would never want you to be unhappy! If you are unsatisfied with your purchase, contact us in the first 30 days and we will give you a full refund.