Overview :
Form 1099-MISC is one of the most common Information Reporting Form that businesses, estates, trusts and non-profits are required to file at the end of the calendar year. It is also the Form 1099 that most commonly has errors identified by the IRS. So what can you do NOW to prepare a Form 1099-MISC in January 2017 and avoid notices of errors from the IRS in May, June, & July? By developing best practices and exercising due diligence in collect data to be included on the Forms 1099-MISC.
The most common mistakes are not the amounts in the boxes but the mis-match of the payee’s name and the payee’s Identification Number whether it be a Social Security Number, Employer’s Identification Number, or Taxpayer’s Identification Number.
The second most common mistake is failure to prepare Form 1099-MISC for payment of services of $600 or more.
Lastly, by confusing whether the amount goes in Block 3, Other Income, or Block 7, Nonemployee Compensation.
Why Should You Attend :
This course will cover not only these common mistakes but also make suggestions regarding the contents of each Block on the Form 1099-MISC.
At the completion of this course you will have the tools necessary to evaluate the W9 and prepare a Form 1099-MISC with all the blocks properly completed.
Areas Covered in this Webinar :
Review W-9 for Accuracy & Completeness
Match W-9 SSN, EIN, TIN to IRS records
Entities Who Should Send 1099 MISC
Entities Who Should Receive a 1099-MISC
Block by Block Instructions of 1099-MISC
Important issues covered
What name and EIN/SSN goes on the 1099-MISC?
How do I know what amount goes in which block?
Example: Block 3, Other Income, versus Block 7, Non-Employee Compensation
Example: Block 7, Non-Employee Compensation Paid to Attorneys or Block, 14, Gross Proceeds Paid to an Attorney
Example: Block 6, Medical and Health Care Payments
Learning Objectives :
At the conclusion of this course, you will be able to:
Select the entities and payments reported on Form 1099-MISC
Be confident that the Name and EIN, ID, SSN match.
Be confident that the amounts are in the correct block.
Who Will Benefit :
CPA, EA, ATTORNEY
ANY OFFICER/MANAGER/EMPLOYEE responsible for compliance: CEO, CFO
TAX DEPARTMENT MANAGEMENT/EMPLOYEE responsible for filing Federal forms
CPA staff
Attorneys staff
Enrolled Agents Staff
Accounting Department Staff
Non-profit Accounting Staff
Payroll Department Staff
Tax Department Staff
For more information, please visit : https://complianceglobal.us/product/700667/GretaPHicks/irs-1099-forms-compliance-trainings/1
Email: support@complianceglobal.us
Toll Free: +1-844-746-4244
Tel: +1-516-900-5515
Level:
Beginner
Speaker Profile :
Greta P. Hicks is a former IRS Revenue Agent and Regional Training Coordinator. After a time as tax manager for Ernst & Young, Greta started her own business and for 34 years her CPA practice has been limited to representing persons who have IRS problems.
She is the author of "IRS Examination and Appeals Procedures" as well as, pilot tester of on-line continuing education courses for Checkpoint Learning. Greta has authored a number of continuing education courses on IRS practice & procedures and articles are regularly published on professional as well as trade magazines. Ms Hicks has traveled the US and taught Tax Update Seminars as well as various Inside the IRS topics.
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