The 1099-MISC Course(CPE credits available)
Home / Finance and Accounting / Seminars and Workshops
How to Comply with Form 1099 Regulations, Determine Independent Contractor Status, Who gets a Form 1099 and Who gets a W-2 Form, and streamline Form 1099 filing.
Click here to view the new Online 1099-MISC Course Demo
(CPE credit is not avaliable for online courses)
Individuals who have Independent Contractor Status are paid on IRS form 1099-MISC and all money earned by the individual is paid on an untaxed basis. It is the responsibility of the individual to file and pay the appropriate taxes. On the other hand, individuals who are classified as employees are paid on the IRS form W-2 and the employer automatically withholds taxes and pays all of the necessary employee income taxes required by the IRS. These taxes include: Federal Income Tax, State Income Tax, and FICA. The employer must also pay necessary employer taxes including: FICA (Social Security and Medicare), FUTA (Federal Unemployment Tax). Whether to use Form 1099 or the W-2 form is determined by defining the employment status of the individual as an employee or as an independent contractor.
Determining independent contractor or employee status is not as easy as it may sound and can create enormous tax liabilities and penalties for employers. Our training shows you to determine if a person is an employee or an independent contractor? The IRS guidelines can get confusing. Behavioral control, financial control, and the relationship of the parties are critical issues. This course helps you interpret IRS regulations. You will learn to avoid potential traps the incorporated employee and the IRS 20-Point Questionnaire on form SS-8 have in the determination of worker status and much more. You will learn what is required to fill out the form correctly and meet all filing requirements.
Who Should Attend
Accounts payable personnel, controllers, purchasing agents, managers, and supervisors with authority to purchase on behalf of the company.
Learning Objectives:
By the end of this training the participant will be able to...
- Recognize how to keep your company in compliance with the Form 1099 tax regulations
- Evaluate and streamline the required information gathered
- Identify the issues to avoid costly mistakes
- Acquire the knowledge to avoid end of the year panic
- Recognize how to remain “audit ready”
Overview of Program Content:
- Determine to whom must you send a Form 1099-MISC
- Identify which of the fourteen forms must you use
- Determine what information are you required to obtain
- Detect which vendors are required to comply with information requests
- Determine what are the latest changes to the backup withholding rules
- Identify when must expense reimbursements be included in a 1099
- Determine what are the new-hire reporting requirements for Form 1099 and which states require them
- Recognize services that require 1099 reporting
- Identify the most recent rules on how you must report payments to attorneys
- Determine when a corporation is included in your reporting requirements
| 
