The Rules of 1099 Reporting: Avoiding Penalties (Currently Unavailable)

Author: Marcia Miller

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

As another year passes, we still are following the complicated revisions and repeals of the 1099 rules and the recent introduction to the IRS "amnesty" program for misclassified workers. It is imperative that we look back to the history of information reporting and be familiar with the rules that still remain or have been added to keep us compliant in the future.

Publication Date: December 2016

Designed For
Attorneys, CFOs, CPAs, Enrolled Agents, Accounts Payable and Human Resources Department Heads.

Topics Covered

  • Information Reporting Rules and Regulations & Future Impact for Businesses
  • Compliance Requirements to Avoid New Penalty Costs
  • Independent Contractor Issues
  • IRS Voluntary Worker Classification Settlement Program (VSCP)
  • Legislative Developments concerning Forms 1099-B, 1099-C & 1099-K

Learning Objectives

  • Identify Internal Revenue Service's plan to minimize the "tax gap"
  • Recognize the new regulations and learn about 1099 Compliance to avoid costly penalties
  • Differentiate the current revised forms & regulations & anticipate what's next in the "World of 1099 Reporting"
  • Recognize the due date for companies electronically filing a 1099 in excess of 250
  • Identify the process to request additional time to file information returns
  • Differentiate backup withholdings and how they apply to different circumstances
  • Evaluate failures under Section 6721 and when to file correct information
  • Identify exceptions to penalties and when they apply
  • Recognize which form must be filed in order to transmit electronic information returns
  • Recognize reasonable cause for penalty abatement
  • Differentiate statements about 1042's
  • Identify the definition of a foreign person
  • Recognize relief requirement under Section 530
  • Describe controls courts use to determine employee status
  • Identify types of behavioral and financial control
  • Recognize which form credit card payments reported by a third party are reported on


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of 1099 Reporting.

Advance Preparation

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