1099-NEC/MISC Federal and State Filing Tips

Author: Steven D. Mercatante

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 CPA’s, 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 CPA’s, 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: November 2024

Topics Covered

• Review W-9 for Accuracy & Completeness
• Match W-9 SSN, EIN, TIN to IRS records
• Entities Who Should Send 1099 MISC/NEC
• Entities Who Should Receive a 1099-MISC/NEC
• Block by Block Instructions of 1099-MISC/NEC

Learning Objectives

• Determine which 1099 to use and watch out for key trouble spots on the most commonly filed Forms 1099
• 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
• Identify 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

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None