Instructor Profile

Effectively handling CP-2100 letters and sending out B Notices helps a business stay in compliance and avoid penalties. CP-2100 letters come to your business from the IRS. These letters notify you that the social security number you put on a 1099 doesn’t match what’s in the IRS’s system. For example, the social security number of a contractor. When your business receives such a letter, you must take action by sending a “B Notice” to the other party.
 
This webinar will discuss how you can take steps to avoid CP-2100 letters to begin with, through the IRS’s “TIN Matching” program and proper usage of the Form W-9. We’ll cover more about B Notices in this program, and cover backup withholding.

This webinar will cover what the IRS looks at when auditing whether a worker is an employee or a contractor. We will cover the current “3-factor” standard the IRS uses, as well as the older “20-factor” standards. We will also discuss the relief options available if you get audited and the IRS reclassifies contractors as employees.

NOTE: This webinar specifically focuses mostly on the IRS but we also talk briefly about other agencies that could audit this issue, such as the DOL or state agencies.

This webinar will cover the latest updates for Form 1099-NEC and 1099-MISC, specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements, and reporting guidelines. It will cover important changes to the filing due dates and the new safe harbor requirements for de minimis dollar amount errors.

It will also cover penalty provisions and exceptions to the penalties, due diligence procedures, exceptions to penalties including reasonable cause, common errors, and correction of errors.

Except for 1099-NEC, which must be submitted by January 31, the IRS requires most 1099s to be mailed by February 28 and filed electronically by March 31, 2023

This webinar will cover Form 1099-NEC for independent contractors, and Form 1099-MISC for reporting payments such as rent. We will also cover Form 1099-K and how to deal with payments made via apps such as PayPal and Venmo. IRS penalties for failure to file correct 1099s continue to rise, and the IRS is cracking down on 1099-related compliance such as backup withholding.

Form 7203 is the new reporting form required by the IRS to show a shareholder basis in an S-corporation. This new form must be filed on the personal tax return (Form 1040) of most shareholders, starting with 2021 returns. 

Form 7203 and its independent instructions are designed to replace the three-part Worksheet for Figuring a Shareholder's Stock and Debt Basis and its related instructions that were formerly included in the Shareholder's Instructions for Schedule K-1 (Form 1120-S).

While the S corporation's basis calculations remain intact, the new form demands additional information to substantiate and justify the basis computations. As the form deals with S company stock and debt basis, some observers are under the impression that it is filed with the 1120S business return. 

Nonetheless, the form will be included in a shareholder's income tax return if any of the following are true of the S corporation:

• The shareholder sells his/her shares of stock during the tax year.
• The shareholder receives a payout from the S corporation.
• The shareholder receives a loan payback from the S corporation during the tax year.
• The shareholder claims a loss-related deduction.

Ethical dilemmas are found at every turn in tax practice. Ethical issues for tax practitioners typically arise from a conflict among the duties owed to the client, the system, and yourself. When conflicts arise, it is important to understand what standards will be used to judge your conduct. 

On Tuesday, 16th August Biden signed the sweeping Inflation Reduction Act of 2022, the nation’s most significant climate bill ever passed into law. One of the major parts of the bill is new tax credits for electric vehicles.

This webinar by “Jason Dinesen” will cover those changes, including the latest IRS guidance on August 16th, and cover how the credit has changed.

The big climate and health care bill signed into law by President Biden has what at first sight looks like a big incentive for those shopping for a car: a revamped $7,500 tax credit if you buy a new electric vehicle or $4,000 if you get a used one. There are several provisions in the new climate bill affecting the availability of EV credits, and those provisions will phase in over the coming months and years. Most of them are focused on bringing more EV and battery production to the US.

The Inflation Reduction Act covers new and reinstated tax laws that will affect individuals and businesses.

Form 7203 and its independent instructions are designed to replace the three-part Worksheet for Figuring a Shareholder's Stock and Debt Basis and its related instructions that were formerly included in the Shareholder's Instructions for Schedule K-1 (Form 1120-S).

While the S corporation's basis calculations remain intact, the new form demands additional information to substantiate and justify the basis computations. As the form deals with S company stock and debt basis, some observers are under the impression that it is filed with the 1120S business return. Nonetheless, the form will be included in a shareholder's income tax return if any of the following are true of the S corporation: 

• The shareholder sells his/her shares of stock during the tax year.
• The shareholder receives a payout from the S corporation.
• The shareholder receives a loan payback from the S corporation during the tax year.
• The shareholder claims a loss-related deduction.

The webinar is designed to help businesses and organizations ensure compliance with IRS regulations for Form 1099. 

This webinar will cover the latest updates for Form 1099-NEC and 1099-MISC, specific reporting requirements for various types of payments and payees, filing requirements, withholding requirements, and reporting guidelines. It will cover important changes to the filing due dates and the new safe harbor requirements for de minimis dollar amount errors.

It will also cover penalty provisions and exceptions to the penalties, due diligence procedures, exceptions to penalties including reasonable cause, common errors, and correction of errors.

By the end of the webinar, participants will have a clear understanding of the due diligence steps required for Form 1099 compliance and be equipped with the knowledge and tools necessary to ensure compliance in their own organizations. 

Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income. Schedule C applies to those who file the basic Form 1040, as well as seniors age 65 and older who file Form 1040-SR instead of the basic 1040. While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary.

The webinar is focused on Schedule C of Form 1040 (sole proprietorship tax returns). 

In this webinar we will discuss the latest updates for meal deduction, how QBI gets more complicated when using 2023 numbers, and necessary updates to FFCRA.

This webinar will cover the rules requiring W-9 documentation and 1099 reporting for various types of Forms 1099 including interest, dividends, PATR, real estate transactions, and the famous Form 1099-Misc. Learn how to establish the independent contractor relationship with the right documentation. 

Under Section 2102 of the Taxpayer First Act the IRS is developing an Internet portal that will allow taxpayers to electronically file Forms 1099 after December 31, 2022. Understand the rules and keep your company in compliance. Ensure that your records will stand the scrutiny of an IRS 3rd party documentation and reporting audit. Avoid the onerous penalties for noncompliance and build the best defense against the 972-CG Notice of Proposed Penalty Letter.

This webinar will cover Form 1099-NEC for independent contractors, and Form 1099-MISC for reporting payments such as rent. We will also cover Form 1099-K and how to deal with payments made via apps such as PayPal and Venmo. IRS penalties for failure to file correct 1099s continue to rise, and the IRS is cracking down on 1099-related compliance such as backup withholding Program, and cover backup withholding.