Understanding Payment Card, Third Party Network Payments and Basis Reporting
Target Audience: CPAs, EAs, RTRPs
Field of Study: Taxation (NASBA); Federal Tax (IRS)
Seminar Level: Beginner
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE: WWW.LEARNINGMARKET.ORG.
DISCLAIMER: THIS SEMINAR WAS FILMED IN ATLANTA, GEORGIA, ON JULY 11, 2012, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
The Small Business/Self-Employed operating division delivered this seminar at the IRS Nationwide Tax Forum in July 2012.
This seminar provides the most up-to-date information about information reporting and document matching. The session will discuss when, why and who should send a Form 1099-K and how to report it if you receive one; the expanded reporting requirements for the Form 1099-B; and payment settlement entity (PSE) reporting responsibilities and what submitters need to be aware of, such as TIN matching and relief from penalties and backup withholding.
By the end of this presentation you will:
- Know the reporting provisions found in Internal Revenue Code §6050W and §6045(g)
- Be familiar with the definitions of “payment settlement entities,” “participating payee” and “aggregate payee”
- Learn the Forms 1099-K, 1099-B, and 8949 filing requirements
- Understand that Form(s) 8949 must be completed before making certain entries on Schedule D
No prerequisites or advanced preparation are required for this seminar.