Webinars

  February 17, 2009 at 02:00PM ET

What if you overlooked a reportable payee, failed to file the 1099, and faced a penalty assessment from $50 up to 28% of the payment amount?

What if you missed indications of a foreign payee, reported on a 1099, and faced a penalty assessment of $50 or more plus 30% of the payment amount?

What if you recognized a payee as foreign, marked it as not 1099 reportable, then it slipped between the cracks and you failed to get adequate payee documentation or withhold up to 30% from the payment and file Forms 1042-S and 1042?

Just in time to help you avoid costly errors or omissions in IRS tax reporting, join IOMA and Marianne Couch in this webinar for a clear and practical explanation of what goes on a Form 1099-MISC, versus what goes on a Form 1042-S under the very different rules for payments to foreign persons.

In just 90 minutes, you’ll learn:

• What is reportable on the 1099-MISC
• Which types of payees are exempt from being reported on 1099-MISC
• Checklist of the types of payments most frequently overlooked in 1099-MISC reporting
• Red flags that indicate your payee may be a foreign person or foreign entity
• Primary rules for Form 1042-S versus Form 1099-MISC reporting
• Deadlines and filing formats for 1099-MISC versus 1042-S
• Backup withholding at 28% versus foreign withholding at varying percentages
• Checklist of most common errors to avoid in IRS tax reporting
• And more!

FEATURED FACULTY

Marianne Couch, JD
Principal, Cokala Tax Information Reporting Solutions, LLC

Marianne Couch, JD, of the Cokala Tax Group, is an advisor on U.S. federal and state tax information reporting compliance. She is a frequent lecturer at major tax conferences and the author of numerous published articles. She served for many years as Research Director of Balance Consulting, and chaired special training and advisory services provided to large organizations and academic and nonprofit institutions. She was previously the executive director of the National Association of Form 1099 Filers, Inc., and a member of the IRS Information Reporting Program Advisory Committee (IRPAC), where she served as Chair of the IRPAC Subcommittee on Small Business and Self-Employed (SBSE) tax issues. In this capacity, she testified annually before the IRS Commissioner on issues of concern to the information reporting community. Marianne formerly served as a Research Attorney for the Michigan Court of Appeals.