Webinars

  May 5, 2009 at 02:00PM ET

Settlements, damages, and garnishments all pass through Accounts Payable—but they represent a minefield of problems. You may be liable for Form 1099 reporting and tax withholding on these payments. The trouble is, the IRS rules are complex.

For instance, did you know that a 1099 is sometimes required for a person whose name was not on the check you issued? Did you know that sometimes two 1099s are required to duplicate report the same dollars to two recipients at the same time? And did you know that some settlement payments are subject to 28% withholding if you don’t have the Tax ID of the claimant?

Join IOMA and renowned Form 1099 compliance advisor Marianne Couch on May 5th to gain a thorough understanding of these serious issues so you can help your organization avoid costly errors in the future.

In just 90 minutes, you’ll get answers to frequently-asked questions including:

• How can you make sense of a settlement in order to identify who gets a 1099?
• Which legal damages are reportable and which are exempt from being reported?
• Why are some garnishments reportable if paid to an attorney, and others are not?
• How can you get the information you need from your legal department or your organization’s own attorney?
• Which damages or settlements are reportable on Form W-2 and must not go on a Form 1099?
• What are the rules for duplicate reporting to both the claimant and the claimant’s attorney?
• On Form 1099-MISC, what is the difference between Box 7 attorney payments and Box 14 attorney payments?

Your single paid registration entitles you to as many participants as you wish in a conference room setting. Register today for just $275. IOMA subscribers pay just $245!

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.