9262022 2.00

Author: Steven D. Mercatante

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

With constant revisions to Form 1099 and the related rule changes, it is crucial to remain up-to- date with the current information reporting laws to avoid those dreaded penalties and interest not to mention the time consumed to make corrections. Whether you are new or seeking an update this course will provide CPA’s, Accounts Payable, Payroll, and Tax with plain English guidance to help minimize 1099 filing mistakes while breaking down the toughest 1099 payee and payment reporting situations.

In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look some of the more common problems experienced by CPA’s, accounts payable, and tax departments related to documenting, validating, and reporting payee information on IRS Forms 1099. He identifies key issues and best-practices for addressing them.

Publication Date: December 2021

Designed For
If you will be reporting payments on Forms 1099 early next year, you supervise 1099 compliance and want to stay on top of changes in the law prior to reporting season, or if you are a CPA and would benefit from assistance validating Forms 1099 prior to filing.

Topics Covered

  • Everything you need to know to prepare the Latest 1099 Forms
  • Changes to Forms 1099 and what information you need to be in compliance — including a discussion of the new Form 1099-NEC and 1099-MISC
  • What to do if payments include both goods and services
  • Rentals of personal property vs rentals of real property
  • Payments to Attorneys & Health Care Professionals
  • Judgment Payments and Forms 1099
  • Payments to Attorneys & Health Care Professionals
  • Judgement Payments and Forms 1099
  • Strategies to Remain Compliant with Proper Policies & Procedures
  • What is reportable and which Form 1099 to use
  • Information reporting to non-profits
  • Information reporting to Corporations, LLCs & other tricky classifications
  • Combined Federal/State Filing Program and E-Filing Pitfalls


Learning Objectives

  • Determine which 1099 to use and watch out for key trouble spots on the most commonly filed Forms 1099 — including a detailed look at the Forms 1099-MISC, 1099-R, 1099-INT, 1099-K, and Form 945
  • Identify the Form 1099-MISC's trickiest boxes: rent, leases, prizes and awards, recognize which boxes to report attorney and settlement payments, decode what "damages" payments mean for AP purposes, identify the difference between box 6 and 1099-NEC box one medical service provider payments, discover when the reporting does not always follow the payment, determine which boxes to report non-qualified deferred compensation
  • Identify W-9 document validation best practices with a focus on situations when multiple names are provided, handling undocumented payees, exempt organization payees, and IRS TIN Match Program best practices
  • Recognize and apply recent 1099 changes as well as analysis of the new Form 1099-NEC and what it means for 1099-MISC reporting
  • Recognize how to identify the reportable payee when you pay sole proprietors, LLCs, payee's merged or bought by another, S-Corps, agents, or middlemen
  • Identify valuable tips for E-Filing and for using the Combined Federal/State Filing Program
  • Recognize how to receive backup withholding guidance designed to make your job easier, including a detailed discussion of the Form 1099-MISC Box 4 and Form 1099-NEC Box 4 versus usage of Form 945



Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of Form 1099.

Advance Preparation

Additional Course Details

  • Filed of Study: Taxation
  • Publisher: Wolters Kluwer
  • Course Level: Basic
  • Pre-Requisites: None
  • Enrolled Agent: No
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