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2 hours
CTEC IRS NASBA

1099 Dos and Don'ts

Course Description:

Understanding information reporting using the 1099 series of returns is crucial for the practitioner. Not only are there penalties for failure to file and inaccurate filing, the IRS uses these information returns in its document matching program to identify problems on Form 1040 and other tax returns. Unfortunately, winding your way through the maze of 17 different 1099 varieties can be a challenging task.

This course is designed to provide needed guidance through the thicket. General rules involving the 1099 series of information returns are discussed, including due dates, penalties, and the proper procedure for correcting errors. In addition, each of the 17 Form 1099 types is reviewed, with special emphasis on Form 1099-MISC, the most common of the information returns.

Learning Objectives:

Upon completion of this course, you will be able to:

  • Identify the basic rules for preparing and filing Form 1099
  • Recognize the exceptions to the requirement to file Form 1099
  • Select the appropriate version of Form 1099 to file
  • Define the types of transactions that trigger Form 1099-MISC reporting
  • Identify the specific information that must be included on Form 1099-MISC and other 1099s
  • Identify the due date and penalty requirements associated with 1099 filing

Field of Study: Tax
Course Level: Intermediate
Prerequisite: None
Advance Preparation: None
Delivery Method: QAS / Self-Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

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