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Form 1099 Updates

  • AFSP
  • CPA (US)
  • CVA
  • EA
  • Tax Preparer

Published: December, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • E-file threshold
    4 mins
  • Form 1099K and its interaction with form 1099-NEC
    9 mins
  • 1099-K flaw is closing
    19 mins
  • No 1099, No deduction?
    29 mins
  • IRS enforcement
    39 mins

Course Description

Any business – regardless of its structure (sole proprietor, corporation, etc) that makes "reportable transactions" during the year is required 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 Online CPE/CE course includes the latest update on  Form 1099-NEC which is being Resurrected by IRS & 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. 

This Online CPE/CE Webinar covers the following Key Topics: 

  • 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 the risk of improper exemption claims by our payees and vendors? 
  • Different due diligence procedures shield an issuer from penalties even when the forms contain incorrect information.

Click here to access CE courses on | Latest Tax UpdatesIRS Audit, Representation, and Resolutions

Learning Objectives

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

Recommended For

  • This CPE Webinar is recommended for CPA, EA, AFSP, and every professional in the Accounting and tax industry, including Compliance Officers, Information Reporting Officers, Tax Managers, CFOs, Controllers, Accounting Managers, Compliance Managers, or professional & team members in accounting and tax practice.

Who Should Attend?

  • Business Owner
  • California Registered Tax Professional
  • Certified Fraud Examiner
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Entrepreneurial CPA
  • Finance Pros
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Federal Tax Update for Tax Professionals (Approval No. GEHNZ-U-00845-21-S)
  • 1 CE Credit for Enrolled Agents (EA) (Approval No. GEHNZ-U-00845-21-S)
  • 1 CPE Credit for Certified Valuation Analyst (CVA)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal Tax Law Update for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0788)
  • 1 CE Credit of Taxes for Annual Filing Season Program (AFSP)

Presenter

About Presenter

Jason Dinesen, EA, LPA

President Dinesen Tax & Accounting, P.C.

Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. 

Dinesen is a regular CPE Presenter at myCPE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics.  Jason has developed a strong following within the professional community for tax-related subjects. 

Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.

About Company

Dinesen Tax & Accounting, P.C.

www.dinesentax.com

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.

Faq

FAQs content

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