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1099 Reporting of Settlements and Payments to Attorneys

Steven Mercatante
Date & Time: All Days
Duration: 60 Minutes
Category: Banking, Insurance & Finance
Type: Recorded Webinar

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

Price Details

Speaker Profile : Steven Mercatante

Steven Mercatante is the principal and founder of TIR Consulting, LLC. He is a nationally recognized leader in tax reporting education and consulting on specialized compliance issues. He has conducted on-site consultation for corporate clients from across the world and led countless seminars and webinars for Convey Compliance Systems, IAPP, Balance Consulting, The Accounts Payable Network, Accounts Payable Now and Tomorrow, Progressive Business Conferences, The Center For Competitive Management, and more.He is also a published author, with numerous articles published on tax and financial law, and he has authored and published a series of tax guides on topics such as W-9/1099 & W-8/1042-S compliance and reporting, payment cards, U.S. State & Local Reporting, worker compensation issues, international tax compliance, and more.