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The IRS is increasing scrutiny on how businesses report attorney fees and settlement payments, and failure to comply can lead to costly penalties. This course provides practical guidance for navigating the complex rules governing Forms 1099-NEC and 1099-MISC. Learn how to properly document, validate, and report payments to attorneys and claimants while meeting IRS deadlines and avoiding compliance pitfalls.
We’ll cover which settlement payments are reportable, when reporting is required on Form 1099-NEC versus 1099-MISC, and what documentation you need to maintain. You’ll also gain insights into common mistakes businesses make and how to prevent them. Whether you’re managing vendor payments or handling legal settlements, this session equips you with actionable strategies to stay compliant and reduce risk.
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.