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Form 1099-K is a relatively new form in the tax world (new for 2012) and even all these years later remains a source of mystery for business owners and tax preparers. In this presentation, we will discuss what the 1099-K is when a business will receive it, what to do with it, what the IRS does with it, and how the 1099-K interacts with Form 1099-MISC.
We will also discuss cancelation of debt reported on a Frm 1099-C. We will look at the 1099-C from the standpoint of the recipient. How the canceled debt is reported varies depending on whether the debt is recourse or non-recourse debt, and whether the taxpayer is a business or an individual.
We will also look at a scenario where a business might try to issue a 1099-C to a customer who doesn’t pay an invoice. We will discuss whether or not this is proper.
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College. He started his practice in 2009.
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.
HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org