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IRS Form 1099 Reporting: Navigating Form 1099-K and Dealing with Cancellation of Debt - SHRM & HRCI Accredited
- What is Form 1099-K
- When is a Form 1099-K received
- The interaction between Form 1099-K and Form 1099-MISC
- What does the IRS do with the 1099-Ks it receives?s
- What is Form 1099-C
- What is Form 1099-A and how does it interact with Form 1099-C?
- How is canceled debt reported on a tax return?
- Should a business use a 1099-C as a collection method?
Overview of the webinar
Form 1099-K is a relatively new form in the tax world (new for 2012) and even all these years later remains a source of mystery for business owners and tax preparers. In this presentation, we will discuss what the 1099-K is when a business will receive it, what to do with it, what the IRS does with it, and how the 1099-K interacts with Form 1099-MISC.
We will also discuss cancelation of debt reported on a Frm 1099-C. We will look at the 1099-C from the standpoint of the recipient. How the canceled debt is reported varies depending on whether the debt is recourse or non-recourse debt, and whether the taxpayer is a business or an individual.
We will also look at a scenario where a business might try to issue a 1099-C to a customer who doesn’t pay an invoice. We will discuss whether or not this is proper.
Who should attend?
- HR Professionals
- Office managers
- CFOs and controllers
- Tax preparers
- Accountants
- Accounts payable and accounting managers
- Accounts payable processing professionals
- Employers and Business owners
- Public accountants, CPAs and Enrolled Agents
- Purchasing managers and professionals
Why should you attend?
- Learn what Form 1099-K is
- Learn the circumstances when a 1099-K will be received
- Learn the interaction between Form 1099-K and Form 1099-MISC — did you know, a Form 1099-MISC may not need to be issued if the transaction falls under the 1099-K rules
- Learn what the IRS does with the 1099-K forms it receives
- Learn what Form 1099-C is
- Learn the interaction between Form 1099-A and Form 1099-C
- How is canceled debt reported on a tax return
- Should a business use a 1099-C as a collection method
Faculty - Mr.Jason Dinesen
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College. He started his practice in 2009.
Credits
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.
HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org