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IRS Information Reporting: Rules and Forms Webinar


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 2021
  • 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.