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IRS Form 1099 Reporting: What You Need to Know
The 1099 forms are confusing … Can you afford to only grasp the basics?
Faculty
Jackson, MS • November 17, 2010 • ID# 386332
Continuing Education Credit• CPP/FPC 6.50 • Enrolled Agents 8.0 • CPE 8.0
For more detailed CE credit information, visit us at www.lorman.com/ID386332 or contact us at 866-352-9540.
Keeping You Current.Helping You Succeed.®
R
A DIVISION OF LORMAN BUSINESS CENTER, INC.
William L. Eubank Jr., CPA, Eubank & Betts, PLLCGeorge W. Hammack, CPA, Eubank & Betts, PLLC
BRING A
COLL E AGUE
Bring a Colleague – Save $50 –(Includes Free Manual)
Your Course AgendA
William L. Eubank Jr., CPA
Director-in-charge of the Tax Practice for Eubank & Betts, PLLCServes clients in many areas, including medical and legal professionals, trusts, estate and gift planning for individuals, small business tax compliance and related planning, partnerships, and corporationsAssists clients with corporate mergers and acquisitions, and has managed tax engagements for all types of industries in Mississippi and throughout the United States, including appeals and testifying in the U.S. Tax CourtActive in maintaining the liaison relationship between the Internal Revenue Service and the firmSpeaker at numerous tax meetings and for the Mississippi Tax InstitutePast president and member of the Estate Planning Council of MississippiOne of 200 delegates to the Retirement and Savings Summit convened by Congress and the President in Washington, D.C. (June 1998)Recognized as one of the top 100 tax professionals in the United States by Money Magazine (1987)B.S. degree in accounting, University of Mississippi; certified public accountantCan be contacted at 601-987-4300 or [email protected]
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George W. Hammack, CPA
Certified public accountant for Eubank & Betts, PLLCServes client needs in the areas of wholesale and retail business, restaurants, professional service firms, real estate and funeral homesAreas of practice also include tax compliance, tax planning, business planning and evaluation of purchase or sale of businesses, and works extensively with individuals, partnerships and corporate clientsMember of the Mississippi Society of Certified Public Accountants and the American Institute of Certified Public AccountantsB.B.A. degree in accounting, Delta State University; certified public accountantCan be contacted at 601-987-4300 or [email protected]
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This seminar will be presented by William L. Eubank Jr., CPA, and George W. Hammack, CPA.
8:00 am – 8:30 am Registration
8:30 am – 9:15 am Overview
IRS Information Reporting ProceduresPurpose of Form 1099 ReportingDue Dates for Providing and Filing Form 1099 SeriesPenalties for Failure to ComplyConsequences of Errors With Inaccurate Names and TINs
9:15 am – 10:00 am Most Common Types of 1099’s
Form 1099-MISC, Form 1099-INT and Form 1099-DIV
10:00 am – 10:10 am Break
10:10 am – 11:30 am Filing and Correcting Errors
Electronic Filing and Paper FilingForm 1096Types of ErrorsProcedures to Correct Errors and Voiding 1099’sProcedures to Correct Electronic Submissions
11:30 am – 12:30 pm Independent Contractor
Form 1099 vs. Form W-2 (Independent Contractor vs. Employee)
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Factors to ConsiderSafe HarborsCurrent IRS GuidelinesDefinitions and Examples
1099B and Cost Basis
12:30 pm – 1:30 pm Lunch (On Your Own)
1:30 pm – 2:30 pm Issues in Reporting Lawsuits and Settlements
Settlements: Taxable vs. NontaxablePayments to Attorneys (Possible Double Form 1099 Reporting)Allocations in Settlement AgreementsCancellation of Debt Issues (Form 1099-C Reporting)
2:30 pm – 2:40 pm Break
2:40 pm – 3:40 pm Form 1099-R
1099-R Filing RequirementsTypes of Distributions to ReportBox by Box Review of the FormFailure to File Penalties
3:40 pm – 4:15 pm Changes in 2010 Tax Legislation
4:15 pm – 4:30 pm Questions and Answers
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Your seminAr LeAders
Your Benefits of Attending
GeNeral INforMatIoN: • This seminar may be recorded by Lorman. • If you need special accommodations, please contact us two weeks in advance of the program. • Lorman Education Services is not approved to offer self-study CPE credit for accountants; therefore, no CPE will be given for this program if ordered as a self-study package.CaNCellatIoNS: Substitute registrants can be named at any time. A full refund, less a $20 service charge, will be given if notification is given six or more business days in advance. Notification of less than six business days will result in a credit that can be applied to any Lorman products or services. If you do not cancel or attend, you are responsible for the entire payment. © 2010 Lorman Education Services. All rights reserved.
Names of attendees
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SEMINAr IdLoCATIoN dATE
Where Is It?regency hotel and Conference Center400 Greymont Avenue601-969-2141Jackson, MS
The 1099 forms are confusing … Can you afford to only grasp the basics?
Independent contractors save your business money, but increasing IRS scrutiny can put you at risk. Fail to meet all the 1099 filing requirements, and you may land in a hotbed of penalties. With a maze of 1099 forms, and confusing and ever-changing IRS reporting guidelines, mastering the 1099 can be a daunting task for any business.
Attend this informative seminar and sharpen your 1099 savvy. Develop better, more accurate reporting skills – keep your business audit-ready and in compliance. Determine a worker’s status without hesitation – every time – and stay current and in the clear.
Benefits for YouConfidently correct errors – subdue even the toughest filing mistakesPinpoint when to issue a W-2 or 1099 formSurvive 1099 reporting in lawsuits and settlements – learn what’s taxable and what’s notTackle your 1099-R questions
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Seminar Tuition (includes free manual with attendance)Yes! I would like to attend. ($309 per person) Yes! I would like to bring a colleague. ($259 per each additional registrant) Yes! I would like the Best Value discount. ($408 per package [$309] plus CD recording [$99*] of this seminar)
I am unable to attend but I am interested in: CD/Manual Package* ($329) Manual Only* ($109)
Amount Enclosed$ __________ Tuition Subtotal$ __________ Shipping & handling ($7.95 first item, $1.00 each additional)
$ __________ Sales Tax (If tax-exempt, please include your certificate.)$ __________ ToTAL
*Add $7.95 shipping & handling plus applicable sales tax to product orders. Please allow four to six weeks after the date of the seminar for delivery.
How Do I Register?email: [email protected]: www.lorman.com/Id386332 telephone: 866-352-9539 fax: 715-833-3953mail: Mail this form with payment information to:
Lorman Education Services dept. 5382, P.o. box 2933 Milwaukee, wI 53201-2933
RegisteR nowwww.lorman.com/ID386332
Who Will Be There?This seminar is designed for accountants, CFos, controllers, accounts payable professionals, tax managers, enrolled agents, presidents, vice presidents and bookkeepers.
Jackson, MS November 17, 2010 386332dISCouNT CodE
FREEManual
with attendance
Take $50OFFwhen you register a second attendee
Keeping You Current. Helping You Succeed.®
EDUCATION SERVICES
R
A DIVISION OF LORMAN BUSINESS CENTER, INC.
Presorted Standardu.S. Postage
PAIdLorMAN EduCATIoN
SErVICES
IRS Form 1099 Reporting $109 Value!
Continuing Education Credit• CPP/FPC 6.50 • Enrolled Agents 8.0 • CPE 8.0For more detailed CE credit information, visit us at www.lorman.com/ID386332 or contact us at 866-352-9540.
expRess RegistRation www.lorman.com/ID386332
IRS Form 1099 Reporting: What You Need to Know
Jackson, MS • November 17, 2010 • ID# 386332
IRS Form 1099 Reporting:What You Need to KnowJackson, MS • November 17, 2010 • ID# 386332
Full-Day Seminar
Keeping You Current. Helping You Succeed.®
EDUCATION SERVICES
R
A DIVISION OF LORMAN BUSINESS CENTER, INC.P.o. box 509 • Eau Claire, wI 54703