IRS FORM 1099 REPORTING REQUIREMENT (UPDATED 2019)
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Course Details

Overview of Topics

  • What is Form 1099-MISC?5 mins
  • What payments are reportable in the Form 1099-MISC?6 mins
  • Form 1099-MISC - What is new and expected in 2020?8 mins
  • How should you send Form 1099-MISC and various Due dates for the Form 1099-MISC and Form 1096?22 mins
  • Penalties for late filing - Form 1099-MISC and strategies to avoid penalties.25 mins
  • Form 1099 Technicality - Identification of Employee vs. contractor and various tests for the same.41 mins
  • Form 1099 Technicality - Form W-9.47 mins
  • B Notices from IRS - 1099 Mismatches and the concept of Back-up withholding.49 mins
  • Interaction between Form 1099-K and the 1099-MISC.51 mins
  • What you should know and consider about the Rental Property for form 1099?58 mins

Course Description

This webinar is must attend for everyone professional in Industry may it be Bank Managers, Compliance Officers, Information Reporting Officers, Tax Managers, CFOs, Controllers, Accounting Managers, Auditors, IT Managers, Compliance Managers, Risk Managers or every profesional & team member in accounting practice.

Why file a Form 1099? It’s the law – and the IRS is increasing enforcement in this area. Who must issue 1099? Generally, any business – regardless of its structure (sole proprietor, corporation, etc.) – that makes "reportable transactions" during the year must issue 1099 to the recipient of income and to the IRS. What constitutes a reportable transaction depends on the nature of the transaction. What are the rules regarding paying and IRS reporting on Independent Contractors? How do we avoid the IRS CP-2100 (B-Notices)? What if our vendor/payee claims exemption; must we obtain a W-9 anyway? What are the best practices for handling our information reporting obligations? How can we minimize risk of improper exemption claims by our payees and vendors? Get the answers to these and related questions to reduce your risk of huge penalties from the IRS.

Learning objectives

  • Why file a Form 1099?
  • Who must issue a 1099?
  • What constitutes a reportable transaction

About Presenter

Jason Dinesen, EA, LPA

Advisor,Dinesen Tax & Accounting, P.C.

jason@dinesentax.com

Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on accounting and bookkeeping services, tax preparation and business advising to individuals with a business focus ranging from home-based businesses to multistate corporations and not-for-profits. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College.

Unlike some other accounting firms, when Dinesen Tax & Accounting, P.C. says we offer personal service, we mean it. When you come to us with your tax preparation needs, you’ll deal directly with our owner and president, Jason Dinesen. We don’t put administrative staff in the middle of you and our tax expert. That means you’ll always have first-hand knowledge of where things stand, and important information won’t slip through the cracks. We welcome all clients, but especially individuals who want the benefits of a long-term relationship with an accounting firm capable of handling anything that might come along with their taxes. We give all our clients the time, attention, and convenience they should expect. If you have a challenging professional or personal schedule, Jason will accommodate you by meeting whenever – and wherever – works best for you.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  1. What is the base amount for the royalties to be considered as the threshold payment for the eligibility to file Form 1099?
  2. In which condition Form 1096 would be applicable as a summary form for Form 1099?
  3. What is the periodicity of Form 945?
  1. Which one of the following would be liable for the Form 1099-MISC?
  2. In which of the following boxes the most common amount $600 is not the key amount?
  3. According to the new due date, by which date you need to report the amount to the IRS reporting for contract labor pay under Form 1099?
  4. What is the maximum number of Form 1099, you can correct without being penalized?
  5. In the Form W-9, if Mr. Jayrome Taylor holds an LLC in which he is the only member, what the line SSN or EIN would be filled with?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

4.7
(325)
72%
24%
3%
1%
0%
  • WV
    Wendy Vensil
    Dec 10th 2019
    The best part of the webinar was that it included latest updates on FORM 1099 NEC. myCPE and Jason were quick to deliver webinar on these updates which is highly appreciable. The webinar was up to date and very informative.
RF
Rochelle Fogg , CPA, Bookkeeper
Had to run it twice. For some reason, the percentage completed was off. Love the presenter. I learned something important that I did not know.
DM
Daniel Martin , CPA
The webinar was good. I did have an issue with the system not recognizing that I had watched the full video to unlock the test.
IS
IRINA SHCHERBIK
Excellent presentation. myCPE always sends great instructors and they do a wonderful job of keeping everyone involved and the material engaging. Thank you.
WB
William Barnes , CPA
This gentleman was fluent in the subject. Passionate, extremely knowledgeable, enthusiastic, humorous, actually made accounting sound interesting! Also, my questions were answered. Happy !
CH
Curtis Harrington , EA, Attorney
Dineson is always Excellent. He is very passionate and knowledgeable about the information being presented. He appropriately adjusted his teaching technique to best fit the needs of his audience.

NASBA Approved

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

IRS Approved

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MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

CTEC Approved

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MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

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UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
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  • Cost $10
  • CPE Credits 1
  • CE Credits 1
  • IRS Course ID GEHNZ-T-00022-19-S
  • CTEC Course ID 6273-CE-0001
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date October 11 ,2019
  • Published Date October 11 ,2019
  • Who should attend? Enrolled Agent Finance Pros Non Profit Pros
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

Revenue – Five Steps to Recognition
Wednesday, July 29, 2020 View Details/Register
GUIDE TO DEPRECIATION UNDER THE TCJA
Wednesday, July 29, 2020 View Details/Register
PAYROLL FRAUD INFORMATION AND DISCUSSION
Wednesday, July 29, 2020 View Details/Register
Forecasting in a Time of Uncertainty (COVID-19)
Tuesday, July 28, 2020 View Details/Register
TAX IMPLICATIONS AND PLANNING DUE TO COVID-19
Tuesday, July 28, 2020 View Details/Register
UBIT Under The TCJA
Tuesday, July 28, 2020 View Details/Register
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/Register
Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/Register
CECL Overview
Monday, July 27, 2020 View Details/Register
Accounting for Business Combinations Overview
Monday, July 27, 2020 View Details/Register
Accounting Principle Changes
Monday, July 27, 2020 View Details/Register
CIRCULAR 230
Monday, July 27, 2020 View Details/Register
UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
Monday, July 27, 2020 View Details/Register
BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
Friday, July 24, 2020 View Details/Register
Excel Accountant: Auditing Excel Workbooks
Friday, July 24, 2020 View Details/Register