Form 1099: Preparing for Significant New Reporting Demands
Meeting Challenges with Broader 1099-MISC Reporting, New 1099-K and Other Changes
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax executives and advisors with a review of important changes in the federal Form 1099 program, including expansions in Form 1099-MISC filing, the new 1099-K, and the updated Form 1099-C.
- 2010 federal health care reform law and Form 1099
- With few exceptions, elimination of exclusion of Form 1099-MISC on payments to corporations (as opposed to independent contractors)
- Annual payments for goods, as well as services, above $600 to be reported on Form 1099-MISC
- Expanded withholding on payments to vendors and contractors
- Effective starting in 2012
- Additional administrative rules needed from IRS
- New Form 1099-K
- Gross amounts of credit and gift card payments, and third-party processed transactions, to be reportable
- Part of IRS initiative to tax more “hidden” revenue
- Trigger: When merchant has 200 or more payment transactions per year totaling more than $20,000
- Payment numbers broken down month by month
- Updated Form 1099-C
- What is included in charged-off debts to be reported
- Tax implications
- Strategies for revamping corporate overall 1099 compliance effort in response to recent developments
The panel will address these key questions:
- Form 1099-MISC: Which vendors and which purchases will trigger more reporting by your company? When will additional tax withholding be required? When will the IRS issue detailed rules and procedures? What should your company be doing now to prepare?
- Form 1099-K: Will your business be covered? What card revenue will have to be reported? Which payment processors are involved?
- Form 1099-C: What kinds of lenders and charged-off debts are reportable? What are the exclusions to cancelled debt in income? Can your company avoid paying extra tax?
Calfee Halter & Griswold
He works with clients on tax, governance, fraud and abuse, and regulatory compliance and compensation matters. He also... | Read More
He works with clients on tax, governance, fraud and abuse, and regulatory compliance and compensation matters. He also counsels publicly traded and closely held companies on joint ventures, strategic alliances and other complex financing and operational transactions.Close
Giordani Swanger Ripp Phillips
Her practice encompasses a wide range of international, federal and state tax aspects of transactions, entity formation... | Read More
Her practice encompasses a wide range of international, federal and state tax aspects of transactions, entity formation and tax planning.Close
Tax Senior Manager
He has more than 11 years of public accounting experience and another eight years in private industry. He provides tax... | Read More
He has more than 11 years of public accounting experience and another eight years in private industry. He provides tax planning and compliance services for corporations, S corporations, LLCs and partnerships in manufacturing, distribution and several other industries.Close