PPT-IRS Form 1099-MISC: Why is it Important?

Presented by Steve Nielson OFM Statewide Accounting March 2016 Todays Topics Why does the IRS require a Form 1099MISC What does OFM have to say about following IRS regulations What are the consequences of not filing correctly or not filing at all. Office of Federal State & Local Governments . Employment Tax Compliance For State and Local Governments . Fernando Echevarria. FSLG Specialist. FGFOA Webinar. Fall 2012. . Topics. Introduction to Office of FSLG. SCENARIO-BASED TRAINING. THIS LESSON YOU WILL . REVIEW. Filing Status. Personal Exemptions. Income – W-2, 1099-INT. Itemized Deductions versus Standard Deduction. Form 8888. TODAY YOU WILL . LEARN. Tax Year 2015. Agenda. 1099’s. 1099 Overview. How to perform required setup. How to process 1099’s. Review/Questions. 2. What is a 1099?. IRS Tax Document – similar to a W-2. Reports . money . paid to an individual/corporation throughout the year. Understanding Form W-9 and 1099 Requirements. Reason for Policy. This . policy primarily responds to . IRS regulations, . which governs the taxation and reporting responsibilities of U.S. based entities. On an annual basis, the . DOA – State Accounting Bureau . 2016. Deadlines and Dates . Important 1099-MISC information . Verifying the W-9. Reportable vs. Non-Reportable Payments. Withholding Classification. Marking a Voucher for Withholding . Presented by. Steve Nielson. OFM Statewide Accounting. March 2016. Today’s Topics. Why does the IRS require a Form 1099-MISC?. What does OFM have to say about following IRS regulations?. What are the consequences of not filing correctly, or not filing at all?. DOA – Warrant Writer Unit. State Accounting Bureau. 2017. Objectives . 1099 Reporting. Deadlines and dates. Important 1099-MISC information. Goods vs. services. Verifying the W-9. Reportable vs. non-reportable payments. 1099-MISC/1042 REPORTING DOA – Warrant Writer Unit State Accounting Bureau 2017 Objectives 1099 Reporting Deadlines and dates Important 1099-MISC information Goods vs. services Verifying the W-9 Reportable vs. non-reportable payments Tax Reporting for Settlement Agreements Training Session February 13, 2008 Presenters Bob Jaros Deputy State Controller 303-866-3765 Bob.Jaros@state.co.us 633 17 th Street, 15 th Floor Denver, CO 80202 Agenda. Purpose of Form 1099 MISC. Typical Recipients . Overview – Line by Line Detail. Filing Requirements. Back to School Basics - Form 1099 MISC . A record of income received from a business for services rendered. Legislative Authority Internal Revenue Code (IRC) section 61(a)(12): Gross income includes “income from discharge of indebtedness.” CODI. Amount realized: smaller of fair Discharge of r APPOINTMENT TO THE STATE COMMISSION ON JUDICIAL CONDUCTPursuant to the Texas Constitution Article 5 1-a 2 3 the Supreme Court of Texashereby appoints the following member to the State Commission on J for more information about penaltiesPlease note that Copy B and other copies of this form which appear in black may be downloaded and printed and used to satisfy the requirement to provide the inform Forms IRS . 1099-MISC and 1099-NEC. Information for the . 2020 . and subsequent tax years. We are required to provide taxpayer information to the IRS for direct fee payments made to representatives of claimants for Social Security and Supplemental Security Income benefits.