Form 1099 MISC Explained

Live Webinar or Recording

July 15, 2024, 2:00 pm - 3:40 pm Eastern

Credit: ATATX: 1.5, CPE: 2 (Live Only)

Form 1099-MISC is one of the most common Information Reporting Forms 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. Even worse it has been revamped yet again. So what can you do NOW to prepare a Form 1099-MISC early next year and avoid notices of errors from the IRS? By developing best practices and exercising due diligence collecting data to be included on the Forms 1099-MISC.

• The biggest mistakes revolve around failing to properly identify and locate where to report the payment types in the different Form 1099-MISC boxes and validating the name and TIN of the related payee
• A second common mistake is failure to understand what gets reported on the Form 1099-MISC versus what is to be reported on the 1099-NEC and other Forms 1099
  

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.

Contents:

• 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: When to report rental related payments on the Form 1099-MISC versus those that get reported on the Form 1099-NEC versus those get reported on the Form 1099-S
• Example: When gross proceeds paid to an attorney and settlement payments paid to a claimant are reported on the 1099-MISC in boxes 3 or 10 versus those reported on other Forms 1099 or not reported at all
• Example: When to report payments to medical service providers in box 6 of the 1099-MISC versus box 1 of the Form 1099-NEC

Learning Objectives:

• You will learn the most common mistakes
• You will learn how to review for accuracy and completeness
• You will learn entities who should receive a 1099 MISC

Level: Intermediate
Format: Live webcast
Instructional Method: Group: Internet-based
NASBA Field of Study: Taxes (2 hours)
Program Prerequisites: None
Advance Preparation: None

Guest Speaker: Steven Mercatante - TIR Consulting LLC

Level: Basic

Format: Live Webcast

Field of Study: Taxes

Aurora Training Advantage is offering continuing education points designed to recognize dedication to training and excellence in accounting.

Aurora Training Advantage 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.

For more information regarding administrative policies such as complaint and refund, and cancellation please contact our offices at 407-542-4317 or [email protected].

Event Venue

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