Audio Conferences
Form 1099: How to Comply with IRS Regs for Specific Payment Categories
November 10, 2005 at 02:00PM ET
Are you prepared to handle the toughest challenges of the Form 1099 reporting year-end work schedule?
Well, get ready! There are IRS regulations and procedures for these specific payment categories. And failure to correctly comply with Form 1099 reporting regulations could lead to high IRS sanctions-penalties can reach as high as $250,000 or more.
Join IOMA and Balance Consulting in this must-attend audio program to ensure your 1099 program is compliant. In just 90-minutes, you'll find out how to minimize your exposure to penalties and walk away with an understanding of:
- How to report Middleman Regulations (Payments made on behalf of another): Find out which party is responsible for reporting and how to identify the payee that is subject to reporting when you pay an agent or another party other than the entity that earned the income
- Paying settlements, forwarding garnishments, and how to deal with attorneys who handle transactions: Discover which attorney payments continue to be reported in Form 1099-MISC Box 7, non employee compensation, and which are now reported in Box 14, gross proceeds.
- Paying foreign vendors: Learn how to identify a foreign vendor, which payments are covered by these requirements, your tax withholding responsibility, and the paperwork requirements to qualify for treaty or other exemption from withholding.
- How to report payments made by procurement card: Find out how to deal with the challenges in meeting this requirement and the "safe harbor" relief proposed by IRS.
Level: Intermediate
Prerequisites: None
FEATURED FACULTY:
Michael Boyle, Balance Consulting LLC
Michael Boyle is Senior Staff Writer of Balance Consulting’s Information Reporting Bulletin and the author of articles, books, and tutorial guides on Form 1099 compliance procedures. A popular and experienced presenter of Balance Consulting’s tax compliance seminars, he is also a regular speaker at the National Form 1099 Information Reporting Conference and at other professional meetings.
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