IRS Form 1099 Reporting: What You Need to Know Online course

Course ID: 185039

This seminar will take out the confusion of Form 1099. Attendees will have a thorough knowledge and understanding of form series and compliance, and will know what the California 1099 reporting requirements are.

Seminar highlights:

• Social Security number verification to reduce TIN mismatches
• California 1099 reporting requirements (Publication 1582)
• Foreign person withholding on United States property transactions
• Independent contractor or employee (IRS training)
• Independent contractors vs. employee in California

Learning objectives:

• The attendee will be able to define 1099 form series and compliance.
• The attendee will be able to describe how to comply with California reporting requirements.
• The attendee will be able to explain the Schedule C – Sole Proprietorship.

8:30 a.m. - 9:30 a.m.
I. Overview Of The IRS 1099 Forms Series And Compliance
— Vicki L. Mulak, E.A., CFP
A. 1099-A (Abandonment)
B. 1099-C (Cancellation Of Debt)
C. 1099-CAP (Changes In Corporate Control)
D. 1099-DIV (Dividends) – Include How Used In Corporate Liquidations
E. 1099-LTC (Long-Term Care)
F. 1099-MISC (Miscellaneous)
G. 1099-R (Retirement)
H. 1099-S (Real Estate)
I. 1099-SA (HSA And MSA Distributions)
J. 1099-H (Health Coverage Tax Credit)

9:30 a.m. - 10:00 a.m.
II. Social Security Number Verification To Reduce TIN Mismatches
— Vicki L. Mulak, E.A., CFP
A. Two Internet Verification Options
B. Registration Process

10:00 a.m. - 10:10 a.m.

10:10 a.m. - 10:40 a.m.
III. California 1099 Reporting Requirements (Publication 1582)
— Vicki L. Mulak, E.A., CFP
A. When Is A Separate Filing Required?
B. IRS Forms Not Required To Be Filed With IRS
C. Combined Federal/State Filing

10:40 a.m. - 11:15 a.m.
IV. Foreign Person Withholding On United States Property Transactions
— Vicki L. Mulak, E.A., CFP
A. Non-Resident Withholding (NRA Program)
B. 10 Exceptions To Withholding
C. Form 8288-B Withholding Certificates (To Reduce Or Eliminate Withholding)

11:15 a.m. - 12:00 p.m.
V. Incorrect Usages Of Forms 1099
— Vicki L. Mulak, E.A. CFP
A. Employee Auto Allowances
B. Casual Labor
C. Domestic Employees
D. Actually Used As Audit Leads By Government Agencies
E. Not A Cure-All (TC Memo 2006-1, Larry D. Svoboda v. Comr)

12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)

1:00 p.m. - 2:00 p.m.
VI. Schedule C – Sole Proprietorship
— Anthony D. Bustos, E.A.
A. Recordkeeping For The Self-Employed
B. Substantiation Requirements For Business Deductions
C. Market Segment Specialization Program (MSSP) Audits
D. NRP Audits (National Research Program)
E. DIF Score (Discriminant Indicator Function)
F. Activity Codes
G. EIN Application Form SS-4
H. Line H: New Business Box
I. Statutory Employee
J. Contract Labor
K. Travel – IRC Section 274
L. Meals/Entertainment – IRC Section 274
M. Utilities
N. Business Use Of Home
O. Net Profit/Loss

2:00 p.m. - 2:20 p.m.
VII. Independent Contractor Or Employee (IRS Training)
— Anthony D. Bustos, E.A.
A. Behavioral Control
B. Financial Control
C. Understanding Of Parties

2:20 p.m. - 2:30 p.m.

2:30 p.m. - 3:15 p.m.
VIII. Income (IRC Section 61)
— Anthony D. Bustos, E.A.
A. Reconstruction By IRS (SFR) Substitute For Return
B. IRS Uses Records Of Income To Produce A Tax Return
C. Assessment Will Be Proposed
D. The Collection Statute Expiration Date (CSED) Applies To Both Filed And SFR Returns
E. Reconstruction By FTB By License (FE) Filing Enforcement

3:15 p.m. - 3:30 p.m.
IX. Keeping Records
— Anthony D. Bustos, E.A.
A. (IRC Section 6001) “… Keep Such Records, Render Such Statements …”

3:30 p.m. - 4:00 p.m.
X. Clients Reconstruction Of Records
— Anthony D. Bustos, E.A.
A. Cohan Rule Allows The Taxpayer To Reconstruct Expenses (Court Case From The 1930s Whereby An Entertainment Executive Who Lacked Records Was Allowed Amounts Based On The Industry)
B. Cohan Not Applicable To Meals, Entertainment, Traveling IRC 274
C. IRS Policy Statement P-4-39

4:00 p.m. - 4:15 p.m.
XI. Independent Contractors vs. Employee In California
— Vicki L. Mulak, E.A., CFP
A. California’s 11 Common Law Factors
B. California’s Definition Of Employment
C. California Treatment Of Unlicensed Contractors
D. Assistance For Proper Classification

4:15 p.m. - 4:30 p.m.
XII. Issues With Clergy Reporting
— Vicki L. Mulak, E.A., CFP
A. Treatment As Dual Status (Employee For Federal Withholding, Self-Employed For Social Security And Medicare Taxes)
B. Proper Reporting Of Income

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IRS Form 1099 Reporting: What You Need to Know Online course
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