1099 Reporting: 2015 and Beyond (Currently Unavailable)

Author: Marcia Miller

As another year passes, we still are following the complicated revisions and repeals of the 1099 rules and the recent introduction to the IRS "amnesty" program for misclassified workers. It is imperative that we look back to the history of information reporting and be familiar with the rules that still remain or have been added to keep us compliant in the future.

Publication Date: February 2015

Designed For
Attorneys, CFOs, CPAs, Enrolled Agents, Accounts Payable and Human Resources Department Heads.

Topics Covered

• Information Reporting Rules and Regulations & Its Future Impact for Businesses
• Requirements for Compliance to Avoid New Penalty Costs
• Independent Contractor Issues
• IRS Voluntary Worker Classification Settlement Program (VSCP)
• Legislative Developments affecting Forms 1099-B, 1099-C & 1099-K.

Learning Objectives

• Identify the Internal Revenue Service's plan to minimize the "tax gap"
• Recognize the new regulations and learn about 1099 Compliance to avoid costly penalties
• Identify current revised forms & regulations & anticipate what's next in the "World of 1099 Reporting"
• Recognize the due date for companies electronically filing 1099s in excess of 250
• Identify the process to request additional time to file information returns
• Differentiate backup withholdings and how they apply to different circumstances
• Evaluate failures under Section 6721 and when to file correct information
• Identify exceptions to penalties and when they apply
• Recognize which form must be filed in order to transmit electronic information returns
• Evaluate reasonable cause for penalty abatement
• Recognize the filing rules for 1042S
• Identify the relief requirements in Section 530
• Evaluate which controls Courts use to determine employee status
• Differentiate the types of behavioral control
• Recognize situations that are considered financial controls and employee status
• Identify which tax form credit card payments being reported by a third party should be reported on

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of 1099 Reporting.

Advance Preparation
None