1099-MISC:Block By Block Discussion - 2017

Overview:

• Product Id : 501195
• Instructor : Greta Hicks
• Wednesday, April 12, 2017   |   10:00 AM PDT | 01:00 PM EDT   |   Duration: 90 Minutes

At the completion of this course you will have the tools necessary to evaluate the W9 and prepare a Form 1099-MISC with all the blocks properly completed. This course will cover not only these common mistakes but make suggestions regarding the contents of each Block on the Form 1099-MISC.

• Review W-9 for Accuracy Completeness
• Match W-9 SSN, EIN, TIN to IRS records
• Entities Who Should Send 1099 MISC
• Entities Who Should Receive a 1099-MISC
• Block by Block Instructions of 1099-MISC

Why should you Attend:

Form 1099-MISC is one of the most common Information Reporting Form that businesses, estates, trusts and non-profits are required to file at the end of the calendar year. It is also the Form 1099 that most commonly has errors identified by the IRS. So what can you do NOW to prepare a Form 1099-MISC in January 2017 and avoid notices of errors from the IRS in May, June,and July? By developing best practices and exercising due diligence in collect data to be included on the Forms 1099-MISC.

• The most common mistakes are not the amounts in the boxes but the mis-match of the payee's name and the payee's Identification Number whether it be a Social Security Number, Employer's Identification Number, or Taxpayer's Identification Number.
• The second most common mistake is failure to prepare Form 1099-MISC for payment of services of $600 or more
• Lastly, by confusing whether the amount goes in Block 3,Other Income,or Block 7 Nonemployee Compensation.

Areas Covered in the Session:

• What name and EIN/SSN goes on the 1099-MISC?
• How do I know what amount goes in which block?
• Example:Block 3,Other Income,versus Block 7, Non-Employee Compensation
• Example:Block 7,Non-Employee Compensation Paid to Attorneys or Block, 14,Gross Proceeds Paid to an Attorney
• Example: Block 6,Medical and Health Care Payments
• Select the entities and payments reported on Form 1099-MISC

At the conclusion of this course, you will be able to:

• Select the entities and payments reported on Form 1099-MISC
• Be confident that the Name and EIN, ID, SSN match.
• Be confident that the amounts are in the correct block.

Who Will Benefit:

• CPA, EA, ATTORNEY
• Any Officer/Manager/Employee responsible for compliance: CEO, CFO
• Tax Department Management/Employee responsible for filing Federal forms
• CPA staff
• Attorneys staff
• Enrolled Agents Staff
• Accounting Department Staff
• Non-profit Accounting Staff
• Payroll Department Staff
• Tax Department Staff

Speaker Profile

Greta Hicks is a former IRS Revenue Agent and Regional Training Coordinator. After a time as tax manager for Ernst & Young, Greta started her own business and for 34 years her CPA practice has been limited to representing persons who have IRS problems.

She is the author of "IRS Examination and Appeals Procedures" as well as, pilot tester of on-line continuing education courses for Checkpoint Learning. Greta has authored a number of continuing education courses on IRS practice & procedures and articles are regularly published on professional as well as trade magazines. Ms Hicks has traveled the US and taught Tax Update Seminars as well as various Inside the IRS topics.

Others Details

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