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The IRS is paying close attention to third-party payers, including small and mid-size businesses, and how they report payments made to attorneys and claimants on Forms 1099-NEC and 1099-MISC. During this course we will explore:
• How to comply with IRS rules when reporting attorney fees and other third-party payments
• What to do when you must 1099 report settlement payments to claimants
• Documentation requirements and instructions for Forms 1099-NEC and 1099-MISC
Plus, you will learn what your organization needs to be doing now to meet reporting deadlines and ensure compliance. In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look at some of the more common problems related to documenting, validating, and reporting 1099 settlement/attorney payments.
Topics Covered
- How to comply with IRS rules when reporting attorney fees and other third-party payments
- What to do when you must 1099 report settlement payments to claimants
- Documentation requirements and instructions for Forms 1099-NEC and 1099-MISC
Learning Objectives
- The IRS is paying close attention to third-party payers, including small and mid-size businesses, and how they report payments made to attorneys and claimants on Forms 1099-NEC and 1099-MISC. During this course we will explore:
- How to comply with IRS rules when reporting attorney fees and other third-party payments
- What to do when you must 1099 report settlement payments to claimants
- Identify which settlement payments are non-reportable
- Discover when a settlement payment is reportable, but not on the Form 1099-MISC
- Documentation requirements and instructions for Forms 1099-NEC and 1099-MISC
- Plus, you will learn what your organization needs to be doing now to meet reporting deadlines and ensure compliance. In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look at some of the more common problems related to documenting, validating, and reporting 1099 settlement/attorney payments.
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Steven D. Mercatante
Steven Mercatante is the principal and founder of TIR Consulting, LLC. He is a nationally recognized leader in tax reporting education and consulting on specialized compliance issues. He has conducted on-site consultation for corporate clients from across the world and led countless seminars and webinars for Convey Compliance Systems, IAPP, Balance Consulting, The Accounts Payable Network, Accounts Payable Now and Tomorrow, Progressive Business Conferences, The Center for Competitive Management, and more.
He is also a published author, with numerous articles published on tax and financial law, and he has authored and published a series of tax guides on topics such as: W-9/1099 & W-8/1042-S compliance and reporting, payment cards, U.S. State & Local Reporting, worker compensation issues, international tax compliance, and more.