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Course Details

Overview of Topics

  • Basic overview of Form 1099-MISC

    5 mins
  • What payments are reportable

    7 mins
  • Form 1099-NEC is making a comeback in 2020

    10 mins
  • Due dates and how to send to the IRS

    18 mins
  • Penalties, IRS letters, and backup withholding

    22 mins
  • Employee vs. contractor

    36 mins
  • Form W-9

    42 mins
  • Interaction Between Form 1099-K and the 1099-MISC

    45 mins
  • What About Rental Property?

    47 mins

Course Description

Any business – regardless of its structure (sole proprietor, corporation, etc) that makes "reportable transactions" during the year is requires to issue 1099 to the recipient of income and to the IRS. Form 1099-MISC compliance is a surprisingly complicated compliance requirement for businesses and accountants. The requirements are always changing, and answers are seldom clear-cut. This course will de-mystify some of the tricky areas relating to Form 1099-MISC, such as when 1099 should be issued and whether a worker is a contractor or an employee. 

This webinar includes the latest update on  Form 1099-NEC which is being Resurrected by IRS & it will be used to report payments made to independent contractors. 

In order to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients in order to be on-time, which information to include and how to make sure it is accurate. The attendees of the webinar would learn :

  • What constitutes a reportable 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? 
  • Different due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.

This webinar is recommended for everyone professional in Accounting industry including 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.

Webinar Qualifies for

  • 1 CPE credit of Taxes for all CPAs
  • 1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)
  • 1 CE credit of Federal Tax for Oregon Tax Preparers
  • 1 CE credit of Federal Tax for Maryland Tax Preparers
  • 1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )
  • 1 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • Why file a Form 1099? & Who must issue a 1099?
  • Identify the rules requiring W-9 documentation and 1099 reporting for various types of forms.
  • Recognize how to establish the independent contractor relationship with the right documentation.
  • Recognize the rules and keep your company in compliance
  • Identify that your records are correct and will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit

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 late filing penalties for form 1099 – MISC in 2019 if late by less than 31 days for small tax payers?
  2. When a taxpayer can take a QIB deduction relating to rental activity?
  3. When third party processor transaction are reported?
  1. What is the due date to send copies to IRS if reporting box 7 pay?
  2. Which box is there in Form 1099 – MISC for Royalties?
  3. To whom generally the form 1099 Misc. is not sent?
  4. Which form is filling by the contractor?
  5. When does a business NOT need to issue a 1099-MISC in the following scenarios?

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.
  • 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
(175)
75%
21%
3%
1%
0%
  • MR
    Mary Ramage
    Nov 4th 2020
    Really great course that anyone can relate to, whether you are a CPA, a contractor, a rental property owner or really - anyone! We all can be subject to 1099 filing requirements. It's very helpful material to understand.
CC
Christy Cox , ACCT./BK
This was the best presentation of the year. No wasted time, presenters were excellent. The information was clear and questions were answered in a very professional manner. The presenter was great and her staff answered questions during the seminar providing insight to our everyday questions
JS
Jennifer Syme
great overview of 1099 nec and updates/changes!
SN
Stephon Newkirk , EA, EA
Great class!
DR
David Rylander , EA
I like the platform very much.
DR
David Rylander , EA
Love the website.

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

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

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

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

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

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.

On-Demand Webinars

THE TOP SEVEN TRENDS IN MANAGEMENT ACCOUNTING
Friday, December 04, 2020 View Details/Register
GOING CONCERN - IMPLICATION IN ACCOUNTING,DISCLOSURE & REPORTING
Thursday, December 03, 2020 View Details/Register
S-CORP PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS – FORM 1120S SCHEDULE K & K-1 ANALYSIS
Thursday, December 03, 2020 View Details/Register
REGULATORY ETHICS GUIDEBOOK FOR CPAS: AICPA CODE OF PROFESSIONAL CONDUCT
Wednesday, December 02, 2020 View Details/Register
BUSINESS TAX UPDATE 2020
Wednesday, December 02, 2020 View Details/Register
NONATTEST SERVICES – WHAT ARE THEY AND WHY DO THEY MATTER
Wednesday, December 02, 2020 View Details/Register
IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
  • 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
  • Published Date June 25 ,2020
  • Who should attend? Enrolled Agent Finance Pros Bookkeeper Accountant CFO/Controller Business Owner Others QB Pro Advisor Non Profit Pros CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm Cybersecurity Pros CPA (Industry) Young CPA Entrepreneurial CPA
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

THE TOP SEVEN TRENDS IN MANAGEMENT ACCOUNTING
Friday, December 04, 2020 View Details/Register
GOING CONCERN - IMPLICATION IN ACCOUNTING,DISCLOSURE & REPORTING
Thursday, December 03, 2020 View Details/Register
S-CORP PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS – FORM 1120S SCHEDULE K & K-1 ANALYSIS
Thursday, December 03, 2020 View Details/Register
REGULATORY ETHICS GUIDEBOOK FOR CPAS: AICPA CODE OF PROFESSIONAL CONDUCT
Wednesday, December 02, 2020 View Details/Register
BUSINESS TAX UPDATE 2020
Wednesday, December 02, 2020 View Details/Register
NONATTEST SERVICES – WHAT ARE THEY AND WHY DO THEY MATTER
Wednesday, December 02, 2020 View Details/Register
IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register