Form 1099 Reporting: Third-Party Vendors, Foreclosures, Debt Forgiveness & More
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Financial institutions are required to report many different types of transactions on a Form 1099. Does your institution know when and how to file each type of Form 1099? For example, Form 1099-A must be filed when your institution forecloses on collateral (but there are many exceptions you need to know), and Form 1099-C must be filed when your institution cancels a debt (even if you haven’t actually forgiven the debt). Form 1099-MISC must be filed when your institution pays a vendor $600 or more – but there are exceptions if the vendor is a certain type of legal entity. Also, Form 1099-MISC must be filed if your institution awards a prize worth $600 or more, but Form 1099-INT must be filed if the prize is worth $10 or more and related to a deposit account. Join us for a line-by-line review and learn how, when, and what to report on Forms 1099-A, 1099-C, 1099-INT, and 1099-MISC.
Continuing Education: Attendance verification for CE credits upon request
HIGHLIGHTS
- Line-by-line review of Forms 1099-A, 1099-C, 1099-INT, and 1099-MISC
- 1099-A: Acquisition or Abandonment of Secured Property – What if you don’t acquire the property at the foreclosure sale or if you hold a subordinate lien?
- 1099-C: Cancellation of Debt – What if the borrower files bankruptcy? What constitutes a cancellation of debt for this purpose?
- 1099-INT: Interest Income – What is reportable interest for this purpose?
- 1099-MISC: Miscellaneous Income – Which vendors are exempt from coverage?
- TAKE-AWAY TOOLKIT
- IRS General Instructions for Certain Information Returns and specific instructions for Forms 1099-A, 1099-C, 1099-INT, and 1099-MISC
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session will be useful for all deposit operations personnel, loan operations staff, accounting clerks, tax personnel, accountants, management, compliance officers, auditors, and attorneys.
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