Complicated issues can arise for IRS Form 1099 reporting and tax withholding when payments must be made to attorneys, law firms, or the claimants receiving a settlement payment for legal damages. Join us on June 17 to gain understanding and learn best practices concerning these hot-button issues:
- Which payments are taxable and reportable – and which can be exempted from reporting
- What information you need to determine whether payments to attorneys require Form 1099 reporting, and when the payments are reportable to their clients
- How to identify whether payments are reported on Form 1099-MISC or 1099-NEC
- How and when backup withholding of 24% federal income tax must be applied to attorney and settlement payments
- How the attorney reporting regulations apply to garnishment payments
- When reporting is required on IRS Form 1099-INT or Form W-2.
Learning objectives: Analyze settlement payments and payments to attorneys or law firms to identify whether IRS Form 1099-MISC, 1099-NEC, 1099-INT, W-2 – or a combination of these – is required.
Marianne Couch, JD - Principal, Cokala Tax Information Reporting Solutions, LLC
Marianne Couch, JD, is a Principal in the Cokala tax group and 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, The Master Guide to Form 1042-S Compliance and numerous published articles. Prior to co-founding Cokala in 2007, 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.
Marianne was an appointee for three years to the IRS Commissioner’s 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.
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