Preparing for the 1099 tax
season is a year-round task for your clients. First, before issuing payment,
they must request Form W-9. Next, they apply the IRS rules to determine if the
vendor receives Form 1099 NEC or MISC, if at all. Then they input the vendor’s
information in their bookkeeping system to track the reportable transactions.
Last, the client confirms all the information at year’s end.[Text Wrapping
Break][Text Wrapping Break]Have your clients been following these procedures in
their trade or business? If not, here’s your chance to help them become
compliant.
Learning Objectives
Inspect W-9 forms
Identify which 1099 forms to use
Apply the varying deadlines
Calculate the hefty fines due for non-compliance
Complete the documents using a cheat sheet
Develop a plan to avoid 1099s altogether
Presenters
Iris K. Palma, JD Thomas J. Williams, EA, USTCP and Iris K.
Palma, JD, operate a Florida-based virtual boutique tax practice founded in
2009. They are also the co-authors of a series of tax books and guides for
small business owners and individual taxpayers, including the award-nominated
Deducting The Right Way: Untangling Small Business Accounting & Taxes.
Both presenters support the NAEA’s endeavors: Tom participated in the
Congressional Fly-In Day (2019), co-presented a webinar for the FSEA Orlando
Chapter (Dec 2019), and co-wrote articles for the EA Journal. In addition, the
pair spoke at the NAEA 2021 Winter Academy in Scottsdale, AZ, and the 2022 Tax
Summit in Las Vegas.
Thomas J. Williams, EA, USTCP Thomas J. Williams, EA, USTCP and Iris K.
Palma, JD, operate a Florida-based virtual boutique tax practice founded in
2009. They are also the co-authors of a series of tax books and guides for
small business owners and individual taxpayers, including the award-nominated
Deducting The Right Way: Untangling Small Business Accounting & Taxes.
Both presenters support the NAEA’s endeavors: Tom participated in the
Congressional Fly-In Day (2019), co-presented a webinar for the FSEA Orlando
Chapter (Dec 2019), and co-wrote articles for the EA Journal. In addition, the
pair spoke at the NAEA 2021 Winter Academy in Scottsdale, AZ, and the 2022 Tax
Summit in Las Vegas.
Continuing Education
This course qualifies for IRS Continuing Education Hours. NAEA reports IRS CE on a monthly basis. If you have not received your CE Hours in your IRS PTIN Account by the end of the month after receiving the certificate, please contact NAEA at
education@naea.org. IRS Requirements for live webinars require at least 50 minutes per hour of attendance and answering 3 out of the 4 polling questions. For on-demand, you must watch the full video, answer the knowledge check, and pass the assessment with a score of 70% or above. No partial CE is offered.
Webinar Refund Policy
To request a refund, contact the NAEA education team via email at
education@naea.org. An NAEA education team member will review the request for a refund. If the refund request has been approved, the refund will be refunded on the same method of purchase. Live Webinars, also offered On-Demand will not be refunded.
