1099 Attorney and Settlement Reporting for AP and Tax Professionals (Completed)
Date: Monday, November 13, 2023
Instructor: Steven D. Mercatante
| Begin Time: |
12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
The IRS is paying close attention to third-party payers, including small and mid-size businesses, and how they report payments made to attorneys and claimants on Forms 1099-NEC and 1099-MISC.
During this must-attend session we will explore:
- How to comply with IRS rules when reporting attorney fees and other third-party payments
- What to do when you must 1099 report settlement payments to claimants
- Documentation requirements and instructions for Forms 1099-NEC and 1099-MISC
Plus, you will learn what your organization needs to be doing now to be meet reporting deadlines and ensure compliance. In this program, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look at some of the more common problems related to documenting, validating, and reporting 1099 settlement/attorney payments.
Topics Covered
- Discover Form 1099-NEC and 1099-MISC reporting requirements for legal settlements
- Address reporting issues cropping up with reporting settlement payments involving back-pay, liens, garnishments, personal physical injuries, emotional distress, three or more parties involved in the payment, punitive damages, medical testimony, backup withholding, medical reimbursements, property issues, and more
- Get a detailed explanation breaking down how to handle the non-fixed and determinable reporting exception for settlement payments
- Find out which payments are taxable and reportable and which are considered 1099 reporting exceptions
- Handling settlement agreements that may involve W-2 or 1099-INT reporting
- Discover whether attorney fees are reported in box one of the 1099-NEC or box ten of the 1099-MISC
- Learn when an LLC is not reportable as a corporation and when it is as a company
- Discover how to report law firms and partnerships that are single versus multi-member LLC's
- Address reporting issues cropping up with incorporated legal service providers
Learning Objectives
- Recognize how to comply with IRS rules when reporting attorney fees and other third-party payments
- Identify what to do when you must 1099 report settlement payments to claimants
- Describe documentation requirements and instructions for Forms 1099-NEC and 1099-MISC
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
