Overview
Form 1099-K is used to report certain payment transactions including payments by payment cards (credit, debit, or stored value cards) and payments in settlement of third party network transactions or through third party settlement organizations. Such organizations, for example, include PayPal, Uber, Venmo, and Air B&B.
According to the IRS, Form 1099-K reports the gross amount of all reportable transactions processed by a reporting entity, such as a payment card processor or third-party network. However, some third parties may also report non-reportable transactions, such as splitting the check for a non-business meal in a restaurant.
This webinar will cover the latest updates for Form 1099-K including the change in the reporting threshold for 2022 Forms filed in 2023. It will discuss issuers, recipients, reportable transactions, and provide examples of how amounts should be reconciled and reported on recipient tax returns.
Why attend ?
The threshold for reporting transactions reportable on Form 1099-K to payees has been reduced for third party settlement organizations from $20,000 and 200 transactions to $600 dollars. Many small businesses and non-business selling goods and services will be receiving these forms. Because some transactions are not taxable or there may be duplicate reporting, it is important for recipients and their tax professionals know how to reconcile and report amounts included on 1099-K to achieve a compliant tax return, avoid paying tax on nontaxable items and avoid unnecessary correspondence from the IRS.
After this webinar you will:
- Understand the purpose of Form 1099-K and what it reports.
- Know how to report amounts reported on Form 1099-K on the income tax return.
- Know what to do if non-taxable amounts are reported on Form 1099-K.
- Know what to do if a payment is reported on more than one 1099.
- Know which payments are not reportable on Form 1099-K
- Learn how payment card reporting differs from third party settlement organization reporting
- Understand that fees and certain other deductions are included in reported payments
Areas Covered
- Issuers of Form 1099-K
- Recipients of Form 1099-K
- A walk through Form 1099-K
- Transactions reportable on Form 1099-K
- Reconciliation of 1099-K amounts with income.
- Sample income tax reporting of various transactions.
- The importance of good business records.
- 1099-K vs. other information returns (1099-MISC, 1099-NEC, etc.)
- Backup withholding issues
Who should attend
- Sellers of goods and services
- Gig workers & rental owners
- Non-business sellers of personal property
- Recipients of payments from third party settlement organizations
- Recipients of payment card payments
- Accountants and bookkeepers
- Accounts payable and accounts receivable personnel
- Tax preparers
- Public accountants, CPAs and Enrolled Agents
Speaker
Patrick A Haggerty, EA
Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988.
He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, and information return reporting.
Certification
Pedu is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please portal.shrm.org.
This Program has been approved for 1.5 HR (General) recertification credit hours toward aPHR™, aPHRi™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™, and SPHRi™ recertification through HR Certification Institute®? (HRCI®).
Pedu Courses and Webinar or any Education published “Articles & Materials” strictly follows the standards and guidelines of the Professional Credit / CEU Providers and Well Researched before publishment.
Pedu doesn’t support any Fake – News, Articles, or Compliance updates; Our Industry Experts are highly verified and recognized, and their Pre-publishment is verified via our experts and fact-checkers.
FAQ's
How do I get enrolled for this
webinar/course?
Sign up now on pedu.io. Visit pedu.io to discover a wide
range of webinars from industry specialists. Tick on either ‘live webinar’ or
‘on-demand’, and simply click on ‘buy now’ to get enrolled.
Can I get somebody else enrolled for
this course? If yes, how?
You can refer Pedu to anyone in your social circle.
Explore your industry with your colleagues by getting them signed up on pedu.io
today!
How can I access the live
webinar?
Go for the topic of your keen interest on pedu.io. Tick
on ‘live webinar’ and get enrolled! Easy registration, transparent
transaction.
Can I attend the webinar without an
internet connection?
You can request for an on-demand webinar that records the
live webinar for you. After the webinar ends, you will have full access to the
webinar’s recording.
What is an “On Demand”?
If you can’t attend the live webinar, simply go for the
‘on-demand webinar’ for the same price! Now, the live webinar recording will be
saved in a cloud storage for you to access anytime from anywhere.
Will the transcript be a hard-copy or
a soft-copy?
Pedu offer only soft copies of the webinars. It contains
all the highlights as well as comprehensive descriptions of the webinar, so you
never miss out a single detail.
Can I ask question(s) to the
speaker?
At the end of each webinar, you have the opportunity to
interact with your industry experts, where you will get answers to all your
queries.
I missed the live webinar. What
now?
Don’t worry, If you can’t join live webinar. Pedu has
automatically send you On Demand on your registered mail id after conducting
live webinar. So, you never miss out a single detail.
Isn’t it helpful?
Ask your question directly from our Customer
Support Team.
