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. Learn about the many forms financial institutions must report, with an emphasis on when and exactly what to report. We'll include easy-to-follow charts to complete each form.
Topics
- 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 rule
- 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 2021
- The Foreign Account Tax Compliance Act (FATCA) - what it is and what you have to do about it
Faculty
Carl Pry
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Managing Director for Treliant Risk Advisors in Washington, DC. 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.
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