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IRS Information Reporting: Rules and Forms

It's that time of the year again – when thoughts turn to holiday parties and gift-giving… no, really, IRS reporting issues and the myriad rules to follow and forms to complete!

OnDemand
Recorded Wednesday,
December 13th, 2023
Presented by Carl Pry
2h total length
2.5 CRCM Credits
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Reporting
  • Risk Management/Legal
  • Bank Legal Counsel
  • Compliance Officer
  • Internal Auditor
  • Senior Management

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Although much less fun, it’s always necessary to stay on top of the many issues when it comes to tax reporting for financial institutions. In this webinar, learn about the rules around tax reporting, including Taxpayer Identification Numbers (TINs), as well as the many forms financial institutions must report, with an emphasis on when and exactly what to report. Many resources and website links will also be provided to make compliance efforts easier.

What You'll Learn

  • The multitude of IRS resources available online, and where to find them (as well as how to read them)
  • Taxpayer Identification Numbers – soliciting them, reporting issues, mismatches from the IRS and what to do (includes truncation options)
  • 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
  • 1099-C Discharge of Debt rules
  • 1098s - what amount is reportable here? How about points? What is a qualifying mortgage?
  • IRA reporting - 5498s and the 1099-R
  • Timing requirements for the various forms
  • Penalties for noncompliance and failure to file
  • Changes in reporting requirements for tax year 2023
  • The Foreign Account Tax Compliance Act (FATCA) - what it is and what you have to do about it

Who Should Attend

Anyone in your institution with responsibility for collecting tax information, filing various IRS forms, or someone who must be aware of TIN requirements. This may include senior management, operations personnel, and back-room personnel, plus compliance officers, auditors, and attorneys, and anyone else who might benefit from this valuable information.


Carl Pry

Instructor Bio

Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Senior Advisor for Treliant LLC in Washington, DC. Through his more than 30-year 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 is a frequent contributor to and currently serves as the Chair of the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.


Continuing Education Credit Information

IRS Information Reporting: Rules and Forms has been approved for 2.5 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for Live attendance only. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.