2012 IRS Information Reporting – Part 1
Two hour tele-web seminar August 30, 2012

New regulations require banks to report interest paid to nonresident aliens.


This tele-web seminar will begin on Thursday, August 30, 2012 at 11:30 AM to 1:30 PM Pacific Time.


With penalties now $100 for failure to comply with IRS information reporting requirements, banks are at risk of higher penalty assessments. To avoid penalties financial institutions must know how the IRS Information Return Program works, evaluate procedures for creating relationships with customers and vendors, integrate changes for 2012 and lay the groundwork for a “Reasonable Cause” defense. In light of the new nonresident alien filing requirements, a review of W-8BEN policies and procedures is also in order! This series provides the information needed to develop a successful IRS compliance program and avoid penalties. It will also help banks respond to B-notices, understand reporting requirements for specific types of returns and prepare an adequate defense if penalties are assessed.


Your Bank’s IRS Compliance Program, Lending Related Returns & Reporting of Miscellaneous Income. Part 1 focuses on the mechanics of your IRS compliance program, lending- related returns and 1099-Misc reporting. Participants learn how to:

  • manage the input and outflow of information to reduce or avoid penalties;
  • develop an on-going defense to potential penalties;
  • file corrections and
  • respond to a notice of proposed penalty (972CG).

Participants learn when filing is required, who is responsible for filing and when duplicate filings are required for multiple borrowers. Changes for tax year 2012 are highlighted as part of the review of forms:

  • 1098 (Mortgage Interest Statement),
  • 1099-A (Acquisition and Abandonment of Secured Property),
  • 1099-C (Cancellation of Debt), and
  • 1099-S (Proceeds from Real Estate Transactions).

Reporting miscellaneous income on the 1099-MISC, including payments
made to appraisers, accountants and other non-employees is addressed.


Those with responsibility for maintaining or auditing a financial institution’s information reporting compliance program. The program is presented at a basic to intermediate level.


Laura Wilson is a principal with Pegasus Educational Services, LLC. Audiences routinely comment on her unique recollection of material and sense of humor. At one time she served as compliance trainer for a $3 billion savings bank. Later, she was a senior consultant/trainer for a consulting firm for financial institutions. She has also taught at compliance schools sponsored by the OTS and the FDIC.

Credit Information

2.0 total credits


Member price: $250.00 | Non member price $500.00