Is your organization prepared for compliance with the complicated issues in reporting and withholding tax in legal settlement payments, and payments to attorneys and law firms including the double 1099 reporting these payments can require? If the only information you receive is the a payee name and the amount of the payment, you have insufficient details to determine your organization’s reporting obligations for these payments, which can also come with significant tax withholding liability for your company.
This program will cover:
- Which settlement payments are taxable and reportable and which can be exempted from reporting
- How to use IRS Form 1099-MISC to report settlement payments
- How to distinguish whether payments to attorneys or law firms require reporting in box 7 or box 14 of Form 1099-MISC
- How to obtain name and TIN information for reportable payees to avoid backup withholding liability
- When and why Form W-2 or Form 1099-INT reporting is required (instead of, or in addition to, Form 1099-MISC reporting)
Learning objectives for this program:
- Apply the rules of Treas. Reg. sec. 1.104-1 to identify settlement payments excluded from tax reporting
- Identify Form 1099-MISC, 1099-INT and W-2 reporting requirements in settlement payment fact situations
- Determine whether to use box 7 or 14 of Form 1099-MISC to report payments to attorneys or law firms
Marianne Couch, JD - Principal, Cokala Tax Information Reporting Solutions, LLC
Marianne Couch, JD, a Principal in the Cokala tax group since its founding early in 2007, is an experienced and well-known advisor on U.S. federal and state tax information reporting compliance. She is a frequent lecturer at major tax conferences and the author of The Master Guide to Form 1099 Compliance and numerous published articles. She is a founding partner of Cokala. Previously, she was for many years the Research Director of the tax reporting specialty firm Balance Consulting, and chaired special training and advisory services provided to large organizations and academic and nonprofit institutions. She also formerly served as the executive director of the National Association of Form 1099 Filers, Inc.
Marianne was an appointee for three years to the IRS Information Reporting Program Advisory Committee (IRPAC), where she was Chair of the IRPAC Subcommittee on Small Business and Self-Employed (SBSE) tax issues.
Marianne formerly served as a Research Attorney for the Michigan Court of Appeals, and earlier as a litigator for a large Michigan law firm, where she represented individuals and large clients in many types of civil actions. She received her JD, cum laude, from the Michigan State University School of Law, and is a member of the State Bar of Michigan.
Continuing education credits available!
Receive 2 CEUs toward AP & P2P/IOFM APM, APS, or APD recertification! The Accounts Payable Certification Program is designed to establish standards for the profession and recognize accounts payable professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the accounts payable body of knowledge.
Receive 1.5 CPE credits through NASBA
IOFM, a business unit within Diversified Communications is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
To cancel your registration for this event, simply contact IOFM customer service at [email protected] (or call 207-842-5557) no later than 24 hours prior to the scheduled start of the event. You can choose to access the full recorded event, or, your credit may be applied toward the purchase of any IOFM product or interactive event. If for any reason you are not completely satisfied with this program, we will provide a full refund — no questions asked!
For more information:
Contact Customer Service:
Phone: (207) 842-5557
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