- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
Avoiding the Pitfalls of Form 1099
Forms 1099 are a vital part of IRS matching and should be taken seriously. Penalties for not doing so can vary depending on how long past the deadline the company issues the form. There are many different types of 1099 forms that taxpayers can receive during tax time. These variants are based on the income source. It is imperative that business owners and taxpayers understand which Form 1099 is appropriate in their particular situation as well as the proper way of completing the form. This course reviews the various types of 1099 forms available and introduces the TIN Matching system, a web-based verification system provided by the IRS.
Because tax form recipient copies must be mailed in envelopes marked Official Tax Document Enclosed, mailed copies of W-2 and 1099 forms are an easy target for identity theft and provide the perfect opportunity for identity thieves to quickly steal their victims' most vulnerable information. This course reviews what businesses can do to reduce such happenings.
The supplemental material of this course provides a Welcome Kit to new users of the ONESOURCE 1099 reporting platform. It maps out where users can get more information and support for that platform.
This course is most beneficial to professionals new to Form 1099, who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this subject.
Upon successful completion of this course, the user should be able to:
identify the purpose of the various 1099 forms,
recognize the purpose of Forms W-2 and W-9,
recognize what information is needed and how to complete Form 1099 correctly,
identify the importance of the IRS's TIN Matching Program, and
identify preventative techniques against SSN/TIN identity theft.