Form 1099-MISC Explained

Author: Steven D. Mercatante

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

Form 1099 filing season is more intense than ever. Whether you are new or seeking an update this course will provide Accounts Payable, Payroll, and Tax with plain English guidance to help minimize 1099-MISC mistakes while breaking down the toughest 1099 payee and payment reporting situations as part of an in depth box-by-box review of the recently revised Form 1099-MISC. 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 accounts payable and tax departments related to documenting, validating, and reporting payee information on IRS Form 1099-MISC. He identifies key issues and best-practices for addressing them.

Publication Date: October 2023

Designed For
If you are new to 1099 reporting, You supervise 1099 compliance and want to stay on top of changes in the law, or you have questions and would benefit from a refresher.

Topics Covered

• W-9 Overview and What's New: 1099 E-Filing Changes
• What's New: Form 1099-DA
• 1099-NEC
• 1099-MISC
• 1099-MISC vs. 1099-NEC Director's Payments
• The "Other 1099s": The 1099-K, The 1099-R, The 1099-INT, The 1099-B, The 1099-DIV
• 1099-MISC Reporting Starts with the W-9
• The W-9 to 1099-MISC: Name and TIN "Cheat Sheet"
• 1099 Reporting and the W-9
• Validating Data
• Validating Payee Data - TIN Match Program
• Watch out for the Middleman
• B-Notice Response Best Practices

Learning Objectives

• Recognize Form 1099-MISC's trickiest boxes and how they apply
• Identify W-9 document validation best practices with a focus on situations when multiple names are provided, handling undocumented payees, exempt organization payees, and IRS TIN Match Program best practices
• Identify categories of payees and payments that are both reportable and not reportable, plus identify service payments that also require the reporting of a related good
• Describe recent 1099-MISC changes versus what the Form 1099-NEC means for 1099-MISC reporting
• Recognize how to identify the reportable payee when you pay sole proprietors, LLCs, payee's merged or bought by another, S-Corps, agents, or middlemen

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None