Information Return Year-in-Review II | Product

Some “what’s new” items relating to Form 1099 and Form 1042-S are well-known, such as the change to the dollar threshold, or the FIRE system being shut down. Some changes are not as well-known. The latter are the ones we’ll cover in this session, including: Form 1042 electronic filing and IRS e-file waivers; the United States Postal Service changing its postmark rules; Treasury Department regulations on digital transactions, such as software as a service; a court case about repayment of previously taxable income (with a 1099 lesson); multiple court cases involving lawsuit settlement taxation (with a 1099 lesson); IRS private letter rulings on Native American tribes issuing 1099s and on how to report gambling winnings of nonresident aliens. This session will open your eyes to the fact that there is a lot going on with these forms, beyond the things that grab the headlines.

Learning Objectives

1. Understand why Form 1042 e-filing can be problematic
2. Understand new postmark rules at the postal service
3. Identify when and how to apply the new regulations on SaaS
4. Understand how to deal with repayment of amounts previously on a 1099
5. Understand how lawsuit settlements work
6. Understand reporting requirements on tribes
7. Understand how to report gambling winnings to a nonresident alien