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Audio & Reference Manual

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The 1099 forms are confusing … can you afford to only grasp the basics? Independent contractors save your business money, but increasing IRS scrutiny can put you at risk. Fail to meet all the 1099 filing requirements, and you may land in a hotbed of penalties. With a maze of 1099 forms, and confusing and ever-changing IRS reporting guidelines, mastering the 1099 can be a daunting task for any business. Sharpen your 1099 savvy. Develop better, more accurate reporting skills – keep your business audit-ready and in compliance. Determine a worker’s status without hesitation – every time – and stay current and in the clear. Benefits for You - Pinpoint when to issue a W-2 or 1099 form - Walk through the 1099 series of forms with ease – know which form you need to use - Survive 1099 reporting in lawsuits and settlements – learn what’s taxable and what’s not - Navigate payments to non-U.S. workers with confidence

General Overview
  • Introduction
  • Purpose of the 1099
  • Who Must File
  • When They Need to File
Employee vs. Independent Contractor
  • Definitions and Examples
  • Federal and State Requirements
  • 1099 vs. W-2
  • Gathering Contractor Information
  • Backup Withholding Rules
Form 1099-MISC
  • Income Categorization
  • Boxes 3 and 7 – When Should You Use Them
  • What Things You Do Not Report on 1099s
  • Attorneys, Lawsuits and Settlements
Preparation and Filing of Form 1099
  • How to File
  • Preparing a Form 1099-MISC
  • What Is Form 1096 For
  • How to Report Income From the 1099-MISC
  • Filing Electronically vs. Paper
  • Penalties for Noncompliance
Other 1099 Issues
  • Incorrect Usage: Auto Use, Casual Labor, Domestic Employees Reimbursements and Bonuses
  • Form 1099-A Abondonment
  • Form 1099-C Cancellation of Debt
  • Form 1099-K Merchant Reporting
Reporting Obligations to Non-U.S. Individuals
  • U.S. Information Reporting
  • Exceptions and Exemptions
  • When Withholding Is Required
  • Effects of Treaties
W-8 BENs
  • What Are They and Why Are They Needed
  • Filing Requirements
  • How Long Are They Valid
Future Requirements for 1099 Reporting
  • Law Changes and Effective Dates
  • System and Data Requirements
  • What You Can Do Now
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IRS Form 1099 Reporting: What You Need to Know
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