Thomson Reuters | Health Care Reform Brings Major Changes to Form...

25 Mar 2010

Health Care Reform Brings Major Changes to Form 1099-MISC Reporting

IRS Form 1099 compliance seminars available from Thomson Reuters in April

Now that health care reform has been signed into law and corporate exceptions have ended, Form 1099-MISC reporting will become even more of a burden to businesses. “With these changes, it’s more critical than ever that information reporting professionals are well versed in the multiple facets of Form 1099-MISC to reduce risk of audits and penalties,” said Jon Buschman, vice president of ONESOURCE 1099 at Thomson Reuters. “To help information reporting professionals understand and prepare for these changes, we’re excited to offer a timely and informative seminar, Changes and Expansion of Form 1099-MISC Reporting.”

Seminar instructors will help make sense of the following topics:

Changes and Expansion of Form 1099-MISC Reporting -- April 1 at 2 p.m. EDT

The corporate exception is ending and, with few exceptions, all corporations will need to be reported on Form 1099-Misc for payments made after December 31, 2011.
New procedures will be required for reportable corporations, property, and gross proceeds based on current legislative action.
Payments for property (goods) will need to be reported on the 1099-MISC if at or above the familiar $600 annual payment threshold. These changes are effective for all payments made after December 31, 2011.
Expanded reporting and tax withholding from payments to vendors and contractors will be required by government payers beginning in 2012.
Changes in P-card payment reporting will begin in 2011.

Thomson Reuters is offering additional seminars in April, May, and June also related to Information Reporting Compliance to help professionals better understand the latest regulations and changes that affect organizations. Upcoming seminars for April are listed below. May and June schedules are available here.

State Reporting for IRAs and Qualified Plans – April 8 at 2 p.m. EDT

State reporting overview of distributions from pensions, IRAs, and annuities
Multiple ways in which state withholding can be triggered for these types of payments
States that require a state-specific form in place of Form 1099-R
Trends in state electronic filing mandates
Other state idiosyncratic rules

Basics of Identifying and Documenting Foreign Payees – April 15 at 2 p.m. EDT

The differences between 1099 and 1042-S reporting
When withholding is required (greater frequency)
Understand why TINs are not required for Form 1042-S reporting
Learn why the payee’s provision of a U.S. TIN, unlike with 1099 reporting, will still require 30 percent federal income tax withholding on payments of U.S. source income
Learn when withholding can be avoided

Form 1099 Hot Issues for Property & Casualty Insurance Payers – April 22 at 2:00 EDT

What is and is not reportable
What requires withholding
Overcoming challenges in adequately documenting reportable payees
Clarifying when the attorney and/or claimant are reportable
Handling government deposit of withheld tax money
A look at legislative proposals to redefine the longstanding tax exemption for physical illness and injury
A look at the new special reporting regime in New York state for insurers that pay on insurance claims for vehicle repair services to vehicles insured in New York

The seminars are delivered as webcasts directly to the participant’s computer, providing a convenient, low-cost training environment. Seminar attendees will earn one and a half CPE credits for each seminar.

Register for a seminar, read information on the ONESOURCE 1099 solution from Thomson Reuters, or call 1-888-706-1041, and press 5.

Thomson Reuters 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.

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