TR-16 Form 1099 Education Guide

This guide was written to aid the oil and gas accountant in dealing with information reporting requirements for non-wage payments. The Guide summarizes Form 1099 reporting requirements for the most common types of oil and gas related payments made, including how to avoid penalties for failure to report or failure to report correctly as well as how to correct errors. The Guide also includes a glossary of terms and an appendix of Internal Revenue Codes Section and Internal Revenue Service Forms and Publications useful in preparing Forms 1099.   240 pages.  Revised 2001

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Table of Contents

  1. INTRODUCTION
  2. REPORTABLE PAYMENTS
    1. Items Reported
    2. Exempt Payments and Items
  3. FORMS
    1. Forms 1099-MISC and 1096
    2. Forms 1042-S and 1042
    3. Form K-1
  4. CALENDAR
    1. Payment Year
    2. Filing Dates
    3. Corrections
    4. Incorrect TIN Notices
  5. REPORTING METHODS
    1. Paper vs. Magnetic Media vs. Electronic Filing
      1. Number of Records
      2. Filing Returns
    2. Substitute Form Use
  6. PAYER AND PAYEE REPORTING
    1. General
    2. Required Data
      1. Payment Defined
      2. Payer and Payee Defined
      3. Paper Returns
      4. Magnetic Media Returns (see Publication 1220)
    3. TIN Construction
      1. TIN Divisions
      2. Correct TIN Defined
    4. Name Construction
      1. Naming Rules
      2. Individuals
      3. Sole Proprietors
      4. Corporations
      5. Partnerships
      6. Trusts
    5. Name Control
  7. BACKUP WITHHOLDING
    1. When to Enact/Stop
    2. Rate Calculations
    3. Depositing and Reporting
      1. IRS Reporting
      2. Payee Reporting
    4. Further Information
  8. IRS NOTICE OF INCORRECT TAXPAYER IDENTIFICATION NUMBER (“TIN”)
    1. Notice from the IRS
    2. Time Limits
    3. B Notice of Letter of Instruction
      1. First Time Notice
      2. Two/Three Year Notice Rule
    4. Penalty Notice & Summary of Charges
    5. Audit Record
    6. Call the IRS
  9. PENALTIES
    1. Notice of Proposed Civil Penalty
    2. Failure to File Correct Information Returns
    3. Failure to Furnish Correct Payee Statements
    4. Failure to Comply With Other Reporting Requirements
    5. Reasonable Cause Waiver
    6. Withholding Failures
      1. Payer
      2. Payee
    7. Felony Failures
  10. STATE REPORTING
    1. Reportable State Requirements
    2. Magnetic Media Reporting to States
    3. IRS Tape Sharing Program
    4. Penalties
    5. Extensions
    6. States – Form # and Due Dates
    7. Filing Addresses
  11. QUESTIONS AND ANSWERS
  12. GLOSSARY
  13. REFERENCES
    1. Internal Revenue Code Sections
    2. Forms, Notices and Publications
    3. Publications