The Basics of 1099 Reporting
Author: Steven D. Mercatante
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
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 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.
Publication Date: May 2024
Topics Covered
- Overview
- 1099-NEC
- 1099-MISC
- 1099 Basics and The W-9
- Data Validation Basics
- Watch Out for the Middleman
- Backup Withholding Tips
- Corrections Tips
- B-Notice Response Best Practices
Learning Objectives
- Identify the key elements needed to comply with IRS requirements and discover how best to respond to the IRS
- Recognize what you are required to 1099 report and how to recognize when those payments are reportable
- Identify Form 1099-NEC/MISC boxes
- Describe what information you need from your payee to properly report a payment
- Recognize how to use the W-9 to collect the correct information and when you are required to obtain a signed W-9
- Identify how to use the IRS TIN Matching Program and how it can help ensure the information you have is correct
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
