IRS Form 1099 Reporting: What You Need to Know
Date/Time: Thursday, January 17, 2013, 1-3 p.m. Eastern
(see all dates)
Presenter(s): Mike Tucker, CPA, Bob Lickwar, CPA, MST
This course is a basic overview of Form 1099 reporting. As such it identifies the members of the Form 1099 reporting series and focuses upon the most important Form 1099s that most practitioners encounter. The program will discuss when an individual should receive a Form 1099 for work he or she performs, what is reported on the Form 1099-Misc, the state of Form 1099-K reporting for 2012 and much more.
- Who must file a Form 1099?
- The Form 1099 family, how many versions of the Form 1099 there are, and what are these versions used for
- Should an individual performing work receive a Form W-2 or a Form 1099?
- Who should receive a Form 1099-Misc and why?
- Transactions commonly reported on Form 1099-R
- Form 1099-K Reporting for 2012
- Form 1099 backup withholding requirements
- How payments to attorneys are reported on Form 1099
- Understand the various versions of the Form 1099--what they are used for and what kinds of transactions are reported on them
- Determine when does an individual performing work receive a Form 1099 rather than a Form W-2?
- Understand which transactions are subject to Form 1099-MISC reporting, and which are not
- Determine if backup withholding applies to payments made and reported on a Form 1099-Misc
- CPAs involved in Form 1099 preparation in 2012
- CPAs who may be called to advise employers regarding Form 1099 reporting for 2012 and later years
Course Level: Basic
CPE Credits: 2, Taxes
Prerequisite: General knowledge of tax rules differentiating an employee from an independent contractor
Advance Preparation: None