Description
The IRS is paying close attention to third-party payers, including small and mid-size businesses, and how they report payments made to subcontractors, attorneys, architects, and other service providers on Form 1099-MISC.
During this must-attend session, our expert speaker will explore:
- How to comply with IRS rules when reporting attorney fees and other third-party payments
- Documentation requirements and instructions for forms 1099-MISC
Plus, you will learn what your organization needs to be doing now to meet reporting deadlines and ensure compliance including:
- How Form 1099-MISC reporting requirements have expanded
- How to report punitive legal damage awards and gross proceeds paid to attorneys
- Handling multiple 1099s
- Which payments are taxable and reportable and which are considered exceptions
- Handling 1099 reporting for settlement agreements
- Whether attorney fees are reported in box one of the 1099-NEC or box ten of the 1099-MISC
- Learn when an LLC is not reportable as a corporation and when it is as a company
- Discover how to report multi-member LLCs with corporate owners
- Address reporting issues cropping up with incorporated legal service providers
Learning Objectives:-
- How to report punitive legal damage awards and gross proceeds paid to attorneys
- Which payments are taxable and reportable and which are considered exceptions
- Learn when an LLC is not reportable as a corporation and when it is as a company
