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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Thursday, January 13, 2022

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This course will explain the reporting requirements for Forms series 1099 and guide tax advisers in streamlining compliance with these requirements to avoid penalties, errors in backup withholding, and missed filing obligations. In addition, our panel of federal tax reporting experts will offer tips and advice to minimize the burden of preparing these forms annually.

Faculty

Elis A. Prendergast
Managing Director, Information Reporting & Withholding Tax
KPMG US, LLP

Mr. Prendergast is part of the firm's Information Reporting and Withholding practice. He has considerable experience advising financial institutions on information reporting and withholding related issues arising out of FATCA, the Non-Resident Alien withholding (chapter 3 of the Internal Revenue Code), and the Backup withholding (chapter 61 and 3406 of the IRC). He also advises clients with respect to non-U.S. reporting regimes such as, the U.K. provisions commonly known as the Crown Dependencies & Overseas Treasuries (CDOT), and the Standard for Automatic Exchange of Financial Account Information in Tax Matters (commonly referred to as the Common Reporting Standard, or CRS). Previously, he held an operational tax position at a global custodian, The Bank of New York Mellon, where he played a role in documentation validation, withholding and remittance, and the annual reporting process.

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Jerry Khan
Managing Director, Information Reporting & Withholding Tax
KPMG US, LLP

Mr. Khan has extensive experience with information reporting and withholding tax documentation, reporting, and project management. He specializes in both the regulatory and compliance aspects of global operational taxes, such as U.S. qualified intermediary, FATCA, and CRS rules, with an emphasis on the practical and procedural requirements of back-office tax operations. Mr. Kahn has considerable experience in business process re engineering, automation developments, and controls design for global operational tax systems. He has assisted some of the world’s largest banks and custodians to understand the U.S. FATCA and AEOI regimes and worked with these financial institutions to develop processes and procedures to help ensure compliance. Mr. Kahn also has experience with IT systems integration, architecture design, and existing system enhancements. This includes interfacing with IT developers, database administrators, and systems administrators in writing business requirement documents, functional specification outlines, UAT test scripts, and resolving testing and end-user issues.

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Description

There are numerous types of reporting requirements related to Forms 1099s. The reporting thresholds and due dates vary by the type of Form 1099 issued. For example, payee statements are due to recipients as early as January 31. The due date for submitting the same Form to the IRS is March 31 unless you are not filing electronically, then the due date is March 1. Keeping up with the numerous requirements of filing these required forms can be daunting.

Not filing, late filing, or incomplete forms can draw penalties between $50-$550 per Form up to an annual maximum of $3,339,000 for large filers. If the Forms are intentionally not filed, there is no annual maximum penalty.

There are also recent changes in the associated guidance that tax advisers should be aware of, such as:

  • Reporting thresholds reduction for certain types of filers issuing Forms 1099-K
  • Form W-9 Requirement for Non-Financial Payments
  • Form 1099-NEC reporting requirements (direct state filings)

Listen as our panel of information reporting subject matter specialists explains the Internal Revenue Service's Form 1099 reporting requirements for those required to prepare and submit these forms.

Outline

  1. Introduction to Forms series 1099
    1. Reporting requirements
      1. Form 1096
      2. Electronic vs. paper
      3. Due dates and extensions
    2. Correcting filed 1099s
    3. Combined federal and state reporting
  2. Types of Forms
    1. 1099-INT
    2. 1099-DIV
    3. 1099-K
    4. 1099-NEC
    5. 1099-MISC
    6. Other 1099s
  3. Collection of TINs
    1. W-9s
    2. Other
      1. Backup Withholding
      2. Penalties for incomplete or non-filing
      3. Recent changes and related guidance

Benefits

The panel will cover these and other critical issues:

  • Filing specific 1099s by type and its filing requirements
  • Avoiding penalties for incomplete and non-filing 1099s
  • Responses to backup withholding notices
  • Handling changes in guidance

NASBA Details

Learning Objectives

After completing this webinar, you will be able to:

  • Determine who is subject to reporting on which type of Form series 1099
  • Identify taxpayers who may be exposed to significant penalties for not filing 1099s
  • Ascertain when a taxpayer is eligible for filing an extension of time for 1099 filings
  • Decide when specific 1099 types are due to recipients and the Internal Revenue Service

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).