1099 Reporting: 2018 and Beyond

Author: Marcia Miller

In the World of Information Reporting, and as another year passes, we still anticipate additional and mandated complicated revisions to the 1099 rules. More than ever, we recognize the need to utilize the IRS “amnesty” program for misclassified workers. It is imperative that we be familiar with the history of information reporting and with the rules that still remain or have been added to keep us compliant in the future.

Publication Date: August 2018

Designed For
Attorneys, CFOs, CPAs, Enrolled Agents, Accounts Payable and Human Resources Department Heads.

Topics Covered

• Information Reporting Rules and Regulations & Its Future Impact for Businesses
• Requirements for Compliance to Avoid New and Recent Changes to Increased Penalty Costs
• Independent Contractor Issues
• IRS Voluntary Worker Classification Settlement Program (VSCP)
• Legislative Developments affecting Forms 1099-B, 1099-C & 1099-K

Learning Objectives

• Identify Internal Revenue Service's plan to minimize the "tax gap"
• Recognize the change of backup withholding rules a result of the Tax Cuts and Jobs Act (TCJA)
• Identify the process to request additional time to file information returns
• Recognize the new regulations and learn about 1099 Compliance to avoid costly penalties
• Evaluate penalties under Section 6721 and when to file correct information
• Identify exceptions to penalties and when they apply
• Describe a foreign person and differentiate from 1042 filing requirements
• Recognize reasonable cause factors and relief requirements under Section 530
• Describe types of behavioral controls, financial controls, and the relationship of the parties that courts use to determine employee status
• Recognize Form 1099-K to report credit card payment reported by third parties

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of 1099 Reporting.

Advance Preparation
None