N Sessions
Wednesday, November 15,
9:45 - 10:35 a.m.
N1. What Do I Do With This 1099-K?
Speaker(s): Ann Etter
NASBA field of study: Taxes - Technical (1)
“Help! I received a 1099-K and I have no idea what to do with it!” will be a common concern from clients as reporting requirements shift. Many individuals and businesses transact via PayPal, Square, Venmo and other third-party payment apps, which may trigger the issuance of a 1099-K. Get answers to common questions, including what to do about personal transactions reported on a 1099-K, 1099-K errors, how to report business transactions reported on a 1099-K, when a client should have received a 1099 but didn’t, and how a business should record and report the fees charged by these companies. Bring your questions and discuss the best ways to help clients navigate the new world of third-party payment reporting.
N2. Unemployment Insurance Tax: How to Manage Your Cost
Speaker(s): Aaron Tell
NASBA field of study: Specialized Knowledge - Technical (1)
Employers are statutorily obligated to comply with Minnesota Unemployment Insurance (UI) tax. When you understand how the program works, you can avoid unnecessary work and cost, including the amount of unemployment tax paid or reimbursed. Review what you need to know to manage your UI costs and avoid expensive mistakes.
N3. Examining the Schedule K-1
Speaker(s): Danielle Tewes
NASBA field of study: Taxes - Technical (1)
Tax professionals are at a breaking point – increased disclosures, footnotes, labor challenges, increasing volume of K-1s, unstructured or standardized data. It’s time to find efficient ways to do this work faster. Learn best practices on how to break down the modern-day Schedule K-1 analysis into manageable chunks. Expand your awareness of common footnotes and issues. Look at a technology solution that can organize the unstructured data and let your talent elevate their roles to analysis and review. Make sense of an otherwise chaotic form so you can save some time and effort during crunch time.