Last Minute Form 1099 Filing Tips

Author: Steven D. Mercatante

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 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

With constant revisions to Form 1099 and the related rule changes, it is crucial to remain up-to-date with the current information reporting laws to avoid those dreaded penalties and interest not to mention the time consumed to make corrections. Whether you are new or seeking an update this course will provide CPAs, accounts payable, payroll, and tax with plain English guidance to help minimize 1099 filing mistakes while breaking down the toughest 1099 payee and payment reporting situations. In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look at some of the more common problems experienced by CPAs, accounts payable, and tax departments related to documenting, validating, and reporting payee information on IRS Forms 1099. He identifies key issues and best-practices for addressing them.

Publication Date: January 2024

Topics Covered

• W-9 Overview and What's New: 1099 E-Filing Changes
• What's New: Form 1099-DA
• 1099-NEC
• Expense Reimbursements, Accountable Plans, Fringe Benefits
• 1099-MISC
• 1099-MISC vs. 1099-NEC Director's Payments
• The "Other 1099s"
• 1099 Filing Starts with the W-9
• 1099 Reporting and the W-9
• Validating Data - Problem Payees
• Validating Data - The Exempt Organization
• Validating Payee Data - TIN Match Program
• Protect Yourself

Learning Objectives

• Determine which 1099 to use and watch out for key trouble spots on the most commonly filed Forms 1099 — including a detailed look at the Forms 1099-MISC, 1099-R, 1099-INT, 1099-K, and Form 945
• Identify the Form 1099-MISC's trickiest boxes: rent, leases, prizes and awards, recognize which boxes to report attorney and settlement payments, identify what "damages" payments mean for AP purposes, identify the difference between box 6 and 1099-NEC box one medical service provider payments, identify when the reporting does not always follow the payment, determine which boxes to report non-qualified deferred compensation
• Determine W-9 document validation best practices with a focus on situations when multiple names are provided, handling undocumented payees, exempt organization payees, and IRS TIN Match Program best practices
• Identify recent 1099 changes as well as analysis of the Form 1099-NEC and 1099-MISC
• Recognize how to identify the reportable payee when you pay sole proprietors, LLCs, payee's merged or bought by another, S-Corps, agents, or middlemen
• Identify valuable tips for E-Filing and for using the Combined Federal/State Filing Program
• Identify backup withholding guidance designed to make your job easier, including a detailed discussion of the Form 1099-MISC and Form 1099-NECs Box 4 versus usage of Form 945

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None