1099 Reporting Compliance (2024)

With constant revisions to Form 1099 and the related rule changes, it is crucial to remain up-to-date with the current information reporting laws to avoid those dreaded penalties and interest not to mention the time consumed to make corrections. Whether you are new or seeking an update this course will provide CPAs, accounts payable, payroll, and tax with plain English guidance to help minimize 1099 filing mistakes while breaking down the toughest 1099 payee and payment reporting situations. In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look at some of the more common problems experienced by CPAs, accounts payable, and tax departments related to documenting, validating, and reporting payee information on IRS Forms 1099. He identifies key issues and best-practices for addressing them.

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.

Join us and discover proven methods for more efficiently meeting your State level 1099 reporting and sales and use requirements as well as get updated on important changes in the law. This is one of the most important topics your organization needs to address.

More and more states are partnering with the IRS to concentrate enforcement efforts on payments made by US organizations within individual states that are currently not being reported. Understand the basics of state reporting and explore best practices for determining your reporting requirements - including those brought about by recent changes in state information reporting laws.

In this quarterly update, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look at some of the more common problems related to state and local compliance while offering solutions and best-practices for addressing related reporting issues.

Issuers of 1099 Forms can adopt best practices and procedures that streamline the year end process and provide assurance that 1099s are correct, at least so far as vendor names and TINs are concerned. While certain errors in reporting dollar amounts are considered “inconsequential” under new de minimis error rules, errors in the payee name or TIN are never considered inconsequential and can result in penalties.

Best practices to avoid errors and penalties include TIN solicitation, TIN verification, timely and appropriate response to IRS notices including issuing and follow up on B-Notices to payees, and procedures to implement and discontinue backup withholding as required.

The course will discuss the solicitation process including solicitation using and analyzing Form W-9, annual solicitations, B-notices and solicitations in response to IRS notices, and what to do when the vendor does not provide a TIN or provides an incorrect TIN.

It will cover how to register to use the IRS TIN verification service, how the system matches names and numbers and how this can help in preparing submissions to prevent false positive or negative responses from the system. It will cover how to submit TINs for verification and what to do when the system indicates a mismatch between the name and number of the vendor.

Procedures related to IRS notification of a name number mismatch or propose penalties for incorrect information returns are also covered including procedures the payer must follow in issuing B-Notices to payees.