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Sponsored by Lorman Education
Product ID: 405195EAU
 
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1099 Reporting of Payments to Attorneys and Other Third Parties

OnDemand Webinar (96 minutes)

Make sure you are in compliance when reporting payments made to attorneys and other third parties.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.

Authors

Marcia L. Miller, M.B.A, E.A., Financial Horizons, Inc.

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

2018 Legislative Updates