Form W-9/1099 Due Diligence for Accounts Payable
Author: Steven D. Mercatante
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Having a good firm understanding of the basics of 1099 reporting is critical as we head into reporting season. Too often, when responsibility for 1099 reporting is assigned to an experienced accounting or accounts payable professional, it is assumed they can handle it – even though they’ve never done it before. They are not given any training to understand the basics, never mind deal with the onslaught of changes that come each fall. And let’s face it; 1099 reporting is not intuitive!
This course is designed to help everyone – both newcomers and seasoned pros understand what 1099 reporting is, why it is important, and what could happen to your company if it is not done. In this information-packed course you’ll gain a broad understanding of Form 1099 reporting, with special focus on the Forms 1099-NEC and 1099-MISC, the most commonly used forms for 1099 reporting. You’ll learn the key elements needed to comply with IRS requirements and discover how best to respond to the IRS.
Publication Date: May 2025
Topics Covered
- The advantages of IRS e-services
- Verify TIN, EIN, SSN with IRS e-services
- Train staff to verify the correctness of W-9 information
- Train staff when to backup withhold
- Most common mistakes on 1099's
- Tips on avoiding IRS penalties
- Importance of Procedural Manual & staff training
Learning Objectives
- Identify the key elements that make for successful 1099 reporting
- Identify what you are required to 1099 report
- Recognize when those payments are reportable
- Identify the right information you need from your payee to properly report a payment
- Explain how to use the W-9 to collect the correct information
- Explain when you are required to obtain a signed W-9
- Explain how to use the IRS TIN Matching Program to help you ensure the information you have is correct
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
