Form 1099 Reporting: Third-Party Vendors, Foreclosures, Debt Forgiveness & More
November 8, 2022
Live Webinar
DateNov 8, 2022Duration90 minutes
08:00 AM PST09:00 AM MST
10:00 AM CST11:00 AM EST
- Unlimited connections for your institution
- Available on desktop, mobile & tablet
- Take-away toolkit
- Presenter’s contact info for questions
On-Demand Webinar
- Unlimited & shareable access starting
two business days after live stream - Available on desktop, mobile & tablet devices 24/7
- Take-away toolkit
- Ability to download webinar video
- Presenter's contact info for questions
Is it a foreclosure, repossession, or cancellation of debt?
Do you
know the differences, IRS reporting requirements, and exclusions? This timely topic will ensure you can
successfully navigate the necessary IRS forms, procedures, and hazards.
AFTER
THIS WEBINAR YOU’LL BE ABLE TO:
- Properly complete Form 1099-A: Acquisition or Abandonment of Secured Property, Form 1099-C: Cancellation of Debt, Form 1099-MISC: Miscellaneous Information, and Form 1099-INT: Interest Income
- Understand when Form 1099-A must be filed when collateral is repossessed or foreclosed upon and what the exclusions are
- Identify when Form 1099-MISC must be filed for payments to vendors and which vendors are exempt from coverage
- Distinguish what constitutes cancellation of debt for purposes of Form 1099-C
- Determine what constitutes reportable interest for purposes of Form 1099-INT
- Explain the rules for reporting miscellaneous types of income under Form 1099-MISC
WEBINAR DETAILS
Financial institutions are required to report many
different types of transactions on an IRS 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 that you need to know), and Form
1099-C must be filed when your institution cancels a debt (and these rules can
apply even though your institution hasn’t actually forgiven the debt). Form 1099-MISC must be filed when your
institution pays a third-party vendor (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.
In this webinar, you will learn how, when, and what to report on Forms
1099-A, 1099-C, 1099-INT and 1099-MISC.
In addition, we will review each of these forms line by line.
WHO SHOULD ATTEND?
This informative session
will be useful for all deposit operations personnel, loan operations personnel,
accounting clerks, tax personnel, accountants, managers, compliance officers,
auditors, and attorneys.
TAKE-AWAY TOOLKIT
- Copies of the IRS’s General Instructions for Certain Information Returns and IRS-specific-instructions for Forms 1099-A, 1099-C, 1099-INT, and 1099-MISC
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
NOTE: All materials are subject to copyright. Transmission, retransmission,
or republishing of any webinar to other institutions or those not employed by
your institution is prohibited. Print materials may be copied for eligible
participants only.
Presented By
Spencer Fane LLP
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