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IRS Form 1099-MISC Reporting Requirements and Updates

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Copyright 2019
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Don't expose yourself to compliance violations. Find out everything you need to know about Form 1099-MISC.Many accounts payable and accounting departments struggle with correctly completing Form 1099-MISC. They often do not know how to issue a 1099-MISC to disregarded entities or how to report special payments such as legal settlements or payments made after the death of an employee. Payable departments often miss deadlines when responding to IRS B notices which can result in penalties. This topic helps the people responsible for issuing the 1099-MISC forms to collect the pertinent information to complete a correct 1099-MISC form including payee information, information about proper boxes to report payments and how to handle follow-up questions from the IRS via B notice letters. Information covered includes new issues for reporting, how to report to disregarded entities, how to report medical payments, and legal settlements and the proper reporting for payments made after the death of an employee. Failing to properly complete and file 1099-MISC forms is a common issue which exists for all payers, both for-profit and not-for-profit entities. The result of issuing incorrect 1099-MISC forms is often penalties imposed on the payer. This topic will help payers avoid penalties as well as limit the number of corrected 1099-MISC forms they will have to prepare.

Authors

T. Scott Tufts, Esq., CPLS, P.A.

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