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Course Details

1099 Reporting Of Payments To Attorneys And Other Third-Parties

Webinar: ID# 1022806
Recorded CD
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About This Course:
Gain insight as to the Internal Revenue Service's reporting requirements for payments made to an attorney in connection with legal services (whether or not the services performed are for the benefit of the payor).

The IRS reminds us that all third-party payers, such as small businesses or individuals, are required to annually report payments made to subcontractors, attorneys, architects and other service providers.

Learn about Internal Revenue Code Section 6050W which requires banks and other payment settlement entities (PSEs) to report gross annual receipts for merchants on Form 1099-K.

You will be provided with the knowledge to ensure compliance with these laws regarding these payments and advise payors of their responsibilities.

Agenda

1099 Reporting for Settlement Agreements
  • Gross Proceeds Paid to Attorneys
  • Taxable Claimant Payments
  • Punitive Damage Awards
  • IRS Reporting Requirements of Back Pay or Wage Settlements
Middleman Regulations (SEC 6041)
  • Attorneys' Fee Rule
  • Middleman Payments
Other Third-Party Reporting Requirements
  • Impact of 1099-K Reporting
  • Online Merchants Reporting Requirements
  • Possible Backup Withholding Issues
2016 Legislative Updates
About The Presenter

Marcia L. Miller, E.A.
  • Managing director, Transition Advisors, LLC, leading CPAs through transition with succession and M & A strategies
  • President and owner of Financial Horizons, Inc.
  • Enrolled agent entitled to practice before the Internal Revenue Service
  • 35 years of accounting, tax and management consulting in South Florida for a practice with emphasis on representing small business owners in all aspects of taxes, employment and labor issues, pensions, estate planning as well as federal, state (nationwide) and foreign mandatory reporting
  • Member, Internal Revenue Service's Information Reporting Program Advisory Committee (IRPAC) Appointment for a three year term commencing January 2015
  • Author, speaker and teleconference expert for various national companies and accounting organizations at their annual conferences, lecturing on a multitude of tax, technical and nontechnical topics focusing on the areas of tax planning, management and health care reform
  • Prior nationwide presenter of tax legislative seminars for Thomson Reuters on current business taxation and accounting issues
  • Former adjunct professor at Nova Southeastern University's H. Wayne Huizenga School of Business and Entrepreneurship
  • Advisory board member overseeing Certificate of Accounting Compliance Program (CAC)
  • M.B.A. and B.B.A. degrees, University of Miami School of Business
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1099 Reporting Of Payments To Attorneys And Other Third-Parties
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