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California Professional Development
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Recorded Tuesday, December 9th, 2008
The Institute of Certified BankersTM(ICB) is dedicated to promoting the highest standards of performance and ethics within the financial services industry. This webinar has been approved for 2.5 CRCM credits.
It's that time of the year again when thoughts turn to IRS reporting issues and the myriad rules to follow and forms to complete. This webinar touches on the basics of reporting, with an emphasis on when and exactly what to report. Easy-to-follow charts are included to complete each form.
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- Taxpayer Identification Numbers - soliciting them, reporting issues, mismatches from the IRS and what to do
- Backup withholding - "B" notices: what to do and when
- 1099 reporting - its many and various forms, from interest and dividend income, abandoned and foreclosed property, IRA distributions, debt cancellation, and miscellaneous reporting
- 1098s - what amount is reportable here? How about points? What is a qualifying mortgage?
- IRA reporting - 5498s and the 1099-R
- Penalties for noncompliance and failure to file
- New rules regarding logos and messages on substitute forms
- And much more
Plus frequent question and answer sessions throughout this presentation.
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Anyone in the institution having responsibilities to collect tax information, file the various forms the IRS requires, or someone who must be aware of the TIN requirements. This may include members of senior management, operations personnel, back-room personnel, as well as compliance officers, auditors, and attorneys, and anyone else in the institution that might benefit from this valuable information.
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Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who works in Lending Compliance for a large financial institution in Ohio. Prior to this, Carl was a manager in the Finance & Performance Management service line for Accenture. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at dozens of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.
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