Form 1099 Issues for Various Taxpayers
This program provides a comprehensive exploration of Form 1099 reporting requirements, with a focus on critical updates for 2023 and 2024. Participants will gain insights into issues surrounding Form 1099-K, crowdfunding income, gambling activities, student-athlete NIL earnings, and payments to research study participants. Emphasis will be placed on correctly classifying income, reconciling Form 1099-K and 1099-MISC to prevent duplication, and understanding the reporting thresholds that impact taxpayers. The course will also discuss the nuances of hobby income versus trade or business income and the potential tax consequences. By mastering these topics, tax professionals will be equipped to navigate the complexities of 1099 reporting and ensure client compliance with IRS regulations.
"Our best deal is always to become a monthly subscriber"
*Self-Study recording not available for NASBA CPE credit.
IRS Course #7Q3WU-T-00717-25
CTEC Course #: 6248-CE-00107
John Sheeley
,
EA
John began his tax career in 1987 and passed the IRS Special Enrollment Exam in 1995. A National Tax Practice Institute fellow and SUNY Oswego graduate, he specializes in taxation for non-resident aliens, U.S. citizens living abroad, S corps, legal marijuana businesses, and cryptocurrency.
John is passionate about giving back to the profession. Every year on Giving Tuesday, Tax Practice Pro offers a free ethics webinar, and its weekly Tax Update webinars keep tax professionals informed on the latest developments. These programs combine practical guidance, strategies, and insights to help practitioners work smarter, faster, and with confidence.
Whether you’re just starting your career or expanding an established practice, Tax Practice Pro and John Sheeley, EA provide the education, coaching, and community support tax professionals need to succeed.
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Form 1099 Issues for Various Taxpayers
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This program provides a comprehensive exploration of Form 1099 reporting requirements, with a focus on critical updates for 2023 and 2024. Participants will gain insights into issues surrounding Form 1099-K, crowdfunding income, gambling activities, student-athlete NIL earnings, and payments to research study participants. Emphasis will be placed on correctly classifying income, reconciling Form 1099-K and 1099-MISC to prevent duplication, and understanding the reporting thresholds that impact taxpayers. The course will also discuss the nuances of hobby income versus trade or business income and the potential tax consequences. By mastering these topics, tax professionals will be equipped to navigate the complexities of 1099 reporting and ensure client compliance with IRS regulations.
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Health savings accounts can provide triple tax advantages which includes a tax deduction for contributing to an HSA, tax deferred growth of the funds in the HSA, and tax-free distributions when the funds are used for qualified medical expenses. The OBBBA also made some changes to HSAs, but unfortunately not all the proposed changes made it into the final version of OBBBA. Our clients will always have medical expenses in retirement and HSAs are one of the best ways to prepare for these costs. We will review the special once-in-a-lifetime distribution from an IRA to an HSA which would convert the taxable IRA to a tax-free HSA. This is even better than a Roth conversion because there is no tax upon this rollover. *Self-Study recording not available for NASBA CPE credit.
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Cut the Cost: Winning IRS Penalty Abatement Requests
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