Form 1099 Reporting: Third-Party Vendors, Foreclosures, Debt Forgiveness & More
StreamedNov 8, 2023Duration90 minutes
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- Unlimited & shareable access starting two business days after live stream
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There are a wide variety of 1099 forms. Does your institution know when and how to file each type?
What documentation is needed? What kind of data is required to complete each one? Join this line-by-line review of Forms 1099-A, 1099-C, 1099-INT, and 1099-MISC to make this year’s reporting a breeze.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Form 1099-A, Acquisition or Abandonment of Secured Property
- Form 1099-C, Cancellation of Debt
- Form 1099-MISC, Miscellaneous Income
- Form 1099-INT, Interest Income
- Know when Form 1099-A must be filed when repossessing or foreclosing on collateral and understand the exclusions
- Identify when Form 1099-MISC must be filed for vendor payments and which vendors are exempt
- Distinguish what constitutes cancellation of debt for purposes of Form 1099-C
- Determine what establishes reportable interest for purposes of Form 1099-INT
- Explain the rules for reporting miscellaneous types of income under Form 1099-MISC
Financial institutions are required to report many different types of transactions on IRS 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). Form 1099-C must be filed when a debt is cancelled (these rules can apply even though the debt hasn’t been forgiven). Form 1099-MISC must be filed when your institution pays a third-party vendor (but there are exceptions if the vendor is a specific 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. This webinar will teach you how, when, and what to report on Forms 1099-A, 1099-C, 1099-INT, and 1099-MISC – including a line-by-line review of each.
WHO SHOULD ATTEND?
This informative session will be helpful for all deposit operations personnel, loan operations personnel, accounting clerks, tax personnel, accountants, managers, compliance officers, auditors, and attorneys.
- IRS General Instructions for Certain Information Returns
- 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.
Spencer Fane LLP
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