IRS Information Reporting: What You Need to Know About the Rules and Forms
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.
- Taxpayer Identification Numbers – soliciting them, reporting issues, mismatches from the IRS and what to do (includes new truncation options)
- Backup withholding – “B” notices: what to do and when (including 2014 revisions)
- 1099 reporting – its many and various forms, from interest and dividend income, abandoned and foreclosed property, IRA distributions, debt cancellation, and miscellaneous reporting
- Proposed changes to the 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 2014
- The Foreign Account Tax Compliance Act (FATCA) – what it is and what you have to do about it
- And much more
Anyone in the institution having responsibilities to collect tax information, file the various forms the IRS requires, or someone who must be aware of the TIN requirements. This may include members of senior management, operations personnel, back-room personnel, as well as compliance officers, auditors, and attorneys, and anyone else in the institution that might benefit from this valuable information.
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP), serving as Managing Director for Treliant Risk Advisors in Washington, DC. Through his career – which includes working 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.
Carl has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at dozens of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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