Another year approaches, and, new requirements have been added to report certain payments as detailed in the 2024 General Instructions for Certain Information Returns published by the Internal Revenue Service. And here we are again, continuing to educate ourselves, with the ever-changing 1099 forms and regulations.

Business owners making payments to vendors and individuals first need to distinguish which are reportable transactions and then what form to use. As the “Tax Gap” continues to grow, costing honest taxpayers to pay in more tax dollars, the IRS is using revenues from 1099 Reporting Errors and penalties to aid in its decrease.

Learning Objectives:

• Compare the differences and requirements of 1099-Misc and 1099-NEC (nonemployee compensation) including revised reporting requirements for payments to attorneys for settlements and their fees


• Recall the updated regulations and penalties assessed for non-compliance


• Recall other 1099 reporting updates

NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) 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.nasbaregistry.org.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

EA Approved

CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222