Alvaro (Al) Araque, senior vice president and director of Consumer and Private Banking, Johnson Financial Group, Racine, has been selected to become the 2022–23 WBA vice chair by the WBA Nominating Committee.
The nominating committee, which is comprised of the current WBA officers and recent past chairmen from WBA, also selected the following candidates to fill seats for three-year terms on the WBA board of directors: Greg Lundberg, Fortifi Bank, Berlin (Group 3); Paul Hoffmann, Monona Bank (Group 4); Ryan Kamphuis, Bristol Morgan Bank, Oakfield (At-Large); and Tom Mews, First National Community Bank, New Richmond (At-Large).
Pursuant to the WBA Bylaws, the above candidates shall be considered elected on April 2 unless other nominees are offered by petition submitted to the WBA office by April 1. The nominating committee received many nominations of excellent candidates, making the selection process very difficult.
The committee, led by WBA Past Chair Paul Kohler, wishes to thank everyone for their interest in serving on the WBA Board, along with your continued strong support of WBA.
By Rose Oswald Poels
The Wisconsin Bankers Association (WBA) offers many opportunities for bankers around the state to get involved and shape the future of their industry. From serving as advocacy officers and taking part in Power of Community Week service activities to joining one of twelve WBA committees or sections — there are options for every member of your team.
WBA will be accepting applications for the 2022–23 committees and sections for a few more days! Ranging from marketing, human resources, and mortgage lending to financial crimes and government relations, WBA offers committees that not only tie into your bankers’ specialties but offer the chance to explore their interests as well.
As members of WBA committees, bankers directly impact what legislation WBA staff lobby for and what educational programs, trainings, and conferences are offered to the membership. Your efforts in diversifying our knowledge and ideas not only help WBA staff better understand your needs but allow us to provide WBA members with information, resources, and events that are relevant to them.
Along with the benefit engaged bankers provide the banking industry, WBA committees offer growth and leadership opportunities, peer networking, and special discounts on select educational programs.
WBA is your association. Your expertise and ideas directly aid us in making the greatest impact on your association and industry. I encourage you to volunteer for a WBA committee by March 14 to get involved with WBA and your professional peers for the benefit of our entire industry!
The following is a brief interview between WBA President and CEO Rose Oswald Poels and Cornerstone Community Bank President Paul A. Foy.
Rose: How did you first get into the banking industry?
Paul: I was working as a marketing product manager for an orthopedic company in the mid-to-late 1990s. I worked with surgeons around the country as we developed new products for total knee and shoulder joint replacement systems. It was a great job, but not conducive to raising a young family. My father-in-law was an investor in a start-up bank and was increasing his stake around the same time. He was encouraging me to join the bank, so I could be closer to family and have more time to be with my kids. After several attempts by him, I saw the light. I really enjoyed banking more than I thought I would, and I was able to participate in my kids’ lives by coaching little league, attending plays, recitals, and chaperoning many field trips over the years!
What is your favorite aspect of your role at your bank?
I enjoy visiting our customers and seeing all the different ways people earn a living in this world. I especially like to see how the money we lend enables people to be more productive and add jobs to the local economy. It is rewarding to see the money we lend at work invested in these companies.
What do you wish the general public understood about the banking industry?
Banks and credit unions are not the same! Unlike the credit unions, banks pay state, local, and federal taxes that add about 30% more in operating costs. Yet, credit unions have been able to expand their scope of services competing on an uneven playing field. Credit unions boast that they are not-for-profit as if it’s some sort of admirable quality. People need to know that it’s the community banks who pay their fair share and contribute significantly more to the communities that they serve than credit unions.
Where do you believe the industry’s greatest challenges are in the next three to five years?
Fraud is going to be one of the industry’s greatest challenges in the next few years. Cyber-crime attempts are more widespread and far more sophisticated than in times past. As bankers, we invest significant funds in hardware, software, and training to help prevent fraud.
Loan closing instructions are being hijacked to the point that we’ve moved back to the fax machine. Corporate email servers are being manipulated to the point where employees are being “instructed” to perform significant fraudulent transactions by actors posing as authorized signers of accounts held by their companies. Elder fraud is another area becoming more intense and personal as the fraudsters use social media posts to learn of familiar relationships helping fraudsters make a convincing case to unsuspecting victims. We experienced a situation recently where an elderly victim couldn’t be convinced by me and another officer of the bank that a contrived situation was fraudulent. We then involved the police, and still she didn’t believe the officer when he told her she didn’t need to send the fraudsters money!
Please share one of your more rewarding or memorable experiences with us.
We support many of the local charities in the communities we serve. In addition to the hours our employees volunteer to support several charitable organizations, we also assist at Chamber of Commerce events for Grafton, Mequon, Thiensville, and Greater Menomonee Falls-Sussex. However, the most recent memorable experience of supporting our community was in the early days of the COVID-19 pandemic when we assisted our customers with the SBA Paycheck Protection Program (PPP). In a very short period of time, we came up with policies, procedures, and documents to support a program which was not fully defined. Our small community bank helped our new and existing customers by originating 278 loans in the first round totaling approximately $29.5 million. This came at a time when we were already very busy generating mortgage applications and modifying loans to numerous commercial loan customers to help them through the pandemic. Much of this work was performed with employees working remotely from one another as we weren’t sure if we were going to lose several staff members to the virus itself. We ended up producing another $16.5 million in the second round for our customers. However, it was far less hectic given the lessons learned in round one, thanks, in part, to the WBA.
Nearly 100 Employers Have Joined Statewide Effort to Encourage Employees to Save Automatically at Work
In an increasingly competitive labor market, Wisconsin business owners are working to set themselves apart from other employers by offering a financial wellness benefit to employees: the ability to save automatically through their paycheck using the established practice of split deposit. Nearly 100 small to mid-size employers in Wisconsin representing approximately 14,000 employees are now part of a statewide campaign to encourage workers to save automatically through their paycheck. The Wisconsin Saves Automatic Saving Initiative encourages the use of split deposit in order to prepare for unexpected expenses including home repairs and car maintenance as well as fun opportunities like last minute travel.
The campaign was launched in April 2021 and is led by Wisconsin State Treasurer Sarah Godlewski; Wisconsin Department of Financial Institutions (DFI) Secretary-designee Cheryll Olson-Collins; President and CEO of Wisconsin Bankers Association Rose Oswald Poels; Wisconsin Women’s Business Initiative Cooperation (WWBIC) President Wendy Baumann; and America Saves, the leading national campaign in promoting savings.
The 99 employers are: Adams Transit Inc. ■ Aloekui Handmade Soap ■ Amcor Flexibles North America, Inc. ■ Apache Stainless Equipment Company ■ Apple Tree Educational Svc LLC ■ AppleTree Credit Union ■ AstroJun LLC ■ Badger Globe Credit Union ■ Bank of Kaukauna ■ Beaver Dam Chamber of Commerce ■ Bierock ■ Blumenfeld & Associates ■ Bluff View Bank ■ Breaking Barriers Mentoring Inc. ■ BSI ■ Cesarz Charapata & Zinnecker Funeral Home ■ City of Mayville ■ Class A Cleaning ■ Clinicare Corporation ■ Community First Credit Union ■ Cream City Caramels and Confections ■ CultureCon ■ Dairy State Bank ■ Dane County Credit Union ■ DCC ■ Don Johnson Motors ■ Edmund Mitchell Corporation ■ en.courage Nutrition ■ Evergreen Credit Union ■ F&M Bank – Kendall ■ First Community Bank ■ First State Bank ■ Fond du Lac Credit Union ■ Food is Fuel LLC ■ Fort Community Credit Union ■ Fox Cities Chamber of Commerce ■ GreenLeaf Bank ■ Heartland Credit Union ■ Hometown Pharmacy ■ Horizon Electric Company ■ Hurley Burish, S.C. ■ Indianhead Community Action Ag ■ Jan Pro Cleaning ■ Johnsville ■ Kathy’s 2nd Chance Plants ■ Johnsville ■ lac courte oreilles ojibwe college ■ Lawrence University ■ Lee Hemp Farm, LLC ■ Los Parbulitos Daycare ■ MACHA ■ Madison Development Corporation ■ Madison Innovation Labs, LLC ■ Marie Hunt Beauty ■ Marshfield Area Chamber of Commerce & Industry ■ Marquette County ■ Mound City Bank ■ Mount Horeb Area School District ■ North Shore Fire Department ■ Organic Valley ■ Office of the Wisconsin State Treasurer ■ PCM Credit Union ■ Pindel Global Precision ■ Port Washington State Bank ■ Qlink ■ Ripco Credit Union ■ Royal Credit Union ■ School District of Bayfield ■ School District of North Fond du Lac ■ Schuk Law, LLC ■ Securitas ■ Serigraph, Inc. ■ Specialty Coating Systems, Inc. ■ Summit Credit Union ■ TechLogix Networx ■ The American Deposit Management Co. ■ The Galleria of Tile ■ The Human Service Center ■ The QTI Group ■ The Stephenson National Bank & Trust ■ The Wisconsin Credit Union League ■ Town of Grand Chute ■ Train Up a Child Learning Center, LLC ■ UnitedOne Credit Union ■ Valley Packaging ■ Vesta Memory Care ■ Veterans Outreach of Wisconsin ■ Village of Frederic ■ Village of Saukville ■ Waukesha County Business Alliance, Inc. ■ Westbury Bank ■ Westby Coop Credit Union ■ WICPA ■ WiLS ■ Wisconsin Bankers Association ■ Wisconsin Department of Financial Institutions ■ Wisconsin LGBT Chamber of Commerce ■ Wisconsin Women’s Business Initiative Corporation
Recognizing that employers can serve as a powerful source of information for their workers, Wisconsin Saves helps support small to mid-size employers as they promote the ease and benefits of split deposit to their employees. Often, these businesses have limited resources to focus on issues outside of their core business. This effort empowers employers by equipping them with easy-to-use resources for their employees.
“Our goal with Wisconsin Saves is to help more Wisconsinites build emergency savings and save for the future,” said DFI Secretary-designee Olson-Collins. “We know that saving automatically is the easiest and most effective way to save. That’s why we enlisted the support of employers from all over Wisconsin to help promote saving automatically through split deposit. This helps financially prepare more Wisconsinites for unexpected expenses and build financial security.”
Employers can sign up to participate in the Wisconsin Saves Automatic Saving Initiative at autosave.wisconsinsaves.org.
America Saves is a campaign managed by the nonprofit Consumer Federation of America that uses the principles of behavioral economics and social marketing to motivate, encourage, and support low-to-moderate income households to save money, reduce debt, and build wealth. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Since its inception, over 12,000 organizations have participated in America Saves Week to promote savings to their communities. Learn more at americasaves.org.
National Bank of Commerce President and CEO Steve Burgess
The Wisconsin Bankers Association (WBA) is pleased to announce the 2021 Banker of the Year award winner: Steve Burgess, president and CEO of National Bank of Commerce.
National Bank of Commerce is a community bank headquartered in Superior, Wis. with ten locations in Northeastern Minnesota and Northwestern Wisconsin. Burgess has nearly 40 years of banking experience and has been president and CEO of National Bank of Commerce for almost 10 years.
“I would like to congratulate Steve on being selected as the 2021 Banker of the Year,” said Rose Oswald Poels, WBA president and CEO. “Steve is known for creating a strong bank culture through respect for others, integrity, and professional excellence.”
Burgess has made many contributions to the banking industry and the economy in Wisconsin and Minnesota. He served on the WBA Board and chaired the WBA Government Relations Committee. He has served as chairman of APEX, on the La Crosse Area Economic Development Committee, as president of the Neillsville Economic Development Association, president of the Neillsville Chamber of Commerce, and as chairman of the Marshfield Economic Development Association.
Burgess also serves on the College of St. Scholastica and Essentia Health Duluth Clinic Foundation boards. He is an active member of Duluth Rotary Club 25. His past service includes his roles as vice chairman of the St. Joseph Hospital (Marshfield, Wis.), Board member of the Washburn Academy (Neillsville, Wis.), and chair of Neillsville Assisted Living, Inc.
During Burgess’ nearly decade-long tenure at National Bank of Commerce, the bank has performed at the top of the performance metrics, achieving the top quartile for annual ROA and ROE for all but two of those years. Burgess has led the bank’s growth in assets from $400 million to $1.2 billion. He initiated a residential real estate origination department, including servicing. Under Burgess’ leadership, the bank converted software operating systems to new and more efficient processing. He instituted an enterprise risk management department and led a successful re-branding of the bank’s image.
Burgess’ professional experience includes serving as president and CEO of State Bank Financial (La Crosse, Wis.) for 11 years, president and CEO of M&I Central Bank and Trust (Marshfield, Wis.) for seven years, and president and CEO of the First National Bank of Neillsville for 12 years.
Burgess and his wife of 40 years, Kathy Burgess, reside at their “sugarhouse” in Duluth, Minn., where the family runs a syrup-producing business. The couple has five adult children.
The Wisconsin Bankers Association’s Banker of the Year award is presented to one Wisconsin banker each year. The recipient must be a Wisconsin bank CEO or president who has demonstrated outstanding service to their bank, to the continued vitality of their community, and to the banking profession. Burgess was honored at WBA’s Bank Executives Conference in Wisconsin Dells, the largest banking event in Wisconsin, on February 10, 2022.
Wisconsin Bankers Foundation Recognizes Multimedia Financial Education Initiatives
The Wisconsin Bankers Foundation (WBF) presented its prestigious 2021 Financial Education Innovation Award to Bank Five Nine. The award ceremony was held on Thursday, February 10 in Wisconsin Dells during a special luncheon at the Wisconsin Bankers Association’s (WBA) Bank Executives Conference, the largest banking event in Wisconsin. Mark W. Mohr, president and CEO of Bank Five Nine, accepted the award for the bank’s multimedia financial education initiatives.
“Bank Five Nine’s financial education efforts are truly unique and equip consumers with tools to improve their financial wellbeing,” said Rose Oswald Poels, WBF Board chair and WBA president and CEO. “The program uses different mediums to provide answers to financial questions many people have but may be too afraid to ask.”
Bank Five Nine’s omnichannel approach weaves together a weekly, local radio show and podcast with corresponding blog posts and Pinterest pins. Jeff McCarthy, marketing director at Bank Five Nine, and Becky Miller, marketing manager at Bank Five Nine, co-host a Sunday morning radio show called That’s So Money on AM-1130 WISN. The first two segments of the show are dedicated to educating listeners on topics including: Senior Discounts and Savings, Ways to Financially Prepare to Leave Your Job, Women and Finances, Money Matters to Discuss Before Marriage, How to Freeze Your Credit, and Everything You Need to File Your Taxes. The second half of the show features a guest from a local small business or non-profit organization who wishes to tell their story and talk to the show’s listeners about their products or mission.
After the radio show airs, the segments are produced into separate podcasts, which are housed on the iHeart Media website. Many of the topics discussed on the radio show/podcast are turned into blog posts housed on the Bank Five Nine website. More than 90 blog posts are available and are organized in six categories: All Things Community, Everyday Money, Family Matters, Let’s Get Down to Business, Living Quarters, and Recipes for Success.
Blog topics and podcasts are featured regularly on social media through Bank Five Nine’s Pinterest account. Pinterest is a highly visual site on which users can browse pieces of information and “pin” them to refer back to later.
The Wisconsin Bankers Foundation is pleased to recognize Bank Five Nine for these initiatives, which provide important financial education and demonstrate the role of banks as trusted partners in consumers’ financial success.
By Rose Oswald Poels
This year, Wisconsin Bankers Association welcomed Cinnaire as a new Gold Associate Member. With this expanded relationship, Cinnaire is launching a $10 million Low Income Housing Tax Credit (LIHTC) equity fund that will support the financing of the new construction or rehabilitation of affordable housing in communities across Wisconsin. The fund is open to all C corporations in the state and will close by the end of Q1 2022. Cinnaire’s Pam Hetz and Chris Jillings will be visiting with WBA members at this week’s WBA Bank Executives Conference in Wisconsin Dells.
Cinnaire has already demonstrated success in similar arrangements with the Michigan Bankers Association and the Indiana Bankers Association, and we are excited to bring this opportunity to banks in our state. Cinnaire has office locations in Milwaukee and Madison, and their Wisconsin team includes 14 staff members who are on the ground supporting community and economic development while creating opportunities to empower families and lift up neighborhoods. The organization has invested in 81 affordable housing communities across Wisconsin. Cinnaire Solutions, the development division of Cinnaire, has developed or has in its pipeline five projects totaling 222 units and $54 million total development costs in Wisconsin.
There are many reasons why banks would choose to get involved with tax credit investing. Expanding access to high-quality, affordable housing is a key driver of economic mobility and family stability — getting involved demonstrates the bank’s commitment to their community’s wellbeing. In addition to helping their communities prosper, the investment can generate positive Community Reinvestment Act (CRA) consideration from regulators. Another key benefit from equity investments in these LIHTC funds is that banks receive federal tax credits along with other tax benefits that reduce their federal corporate taxes.
The 2022 Wisconsin Community Fund is currently open to investors. The minimum investment amount is $500,000. Investor equity will be used to support the new construction of rehabilitation costs of identified apartment communities in underserved areas. Federal tax credits will become available as each housing community is completed and leased to eligible households and the housing tax credits will continue each year during the 10-year tax credit delivery period. Cinnaire will asset manage each real estate investment throughout the 15-year LIHTC compliance period.
A full press release on this opportunity is available on Cinnaire’s website. If you would like to learn more about the 2022 Wisconsin Community Fund, please contact Daryll Lund, WBA EVP and chief of staff, or contact Pam Hetz, Cinnaire senior vice president, business funding.
The following is a brief interview between WBA President and CEO Rose Oswald Poels and Citizens First Bank President Shane Ilstrup.
Rose: How did you first get into the banking industry?
Shane: I’m a fourth-generation banker, so in a way my future was predetermined by my family. My great grandpa and grandma had a bank in northern Minnesota. They moved around a bit and took the bank with them to the Dassel area of Minn., they traded the bank they owned there with Curt Carlson and Carl Pohlad for a bank in Newton, Iowa, where they lived next to Grandma Maytag. Upon the passing of my great grandmother, the bank in Newton, Iowa was sold, and my family purchased First National Bank in Viroqua, Wis., and Farmers State Bank in Viola, Wis. We then bought Trempealeau, and Sparta, and built Centerville in the later years.
What is your favorite aspect of your role at your bank?
Relationships with internal and external customers. Seeing the growth and success of the customers over the years and how they have taken on risks and grown their businesses and assets is very rewarding.
What do you wish the general public understood about the banking industry?
We (i.e. community banks) aren’t like the big banks, the average person on the street pays more in taxes than a credit union, and how much each community bank supports the communities they are located in.
Where do you believe the industry’s greatest challenges are in the next 3-5 years?
Decentralized finance (DeFi), regulation, alternative currencies, the hard trend line of number of banks declining in the state.
Every day, bankers serve their local communities by helping their customers achieve their financial dreams. In addition, bankers also provide significant charitable support both financially and through countless volunteer hours. Please describe your current role at your bank and share with us one of your more rewarding experiences (e.g., A time you had to go above and beyond to help a customer, a memorable customer interaction, stepping in to help the local community after a disaster, etc.).
During the PPP process, I had the opportunity to help customers in the time of uncertainty. Through collaboration with the customer and the bank, we were able to work together to get through the unknown of what was going to happen next. In seeing our staff support each other and their communities, I felt relief in knowing the bank was providing stability and peace of mind during a turbulent time.
By Jodie Norquist, CIP, CHSP; Ascensus, a WBA Associate Member
If your financial organization administers IRAs, health savings accounts (HSAs), and Coverdell education savings accounts (ESAs), you are likely aware of the many reporting deadlines looming in the first quarter of the coming year. Performing these annual administrative tasks can be stressful. After all, compliance errors or missed deadlines can lead to costly financial penalties.
Here’s a rundown of the impending due dates, along with a brief description of the financial organization’s requirements. Please note that if any of these deadlines fall on a Saturday, Sunday, or legal holiday, the deadline is extended to the following business day.
January 31
Fair Market Value Statement
Financial organizations must provide an annual fair market value (FMV) statement to IRA owners and beneficiaries by January 31. These statements must be provided to Traditional, Roth, and SIMPLE IRA owners. They must also be provided to Traditional IRA owners that have received simplified employee pension (SEP) plan contributions. FMV statements are required for both IR accounts and IR annuities, including those that have been annuitized.
NOTE: FMV statements are not required but are recommended for HSAs.
The FMV statement must
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show the IRA’s FMV as of December 31 of the previous year;
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be presented in any type of written format;
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be provided to IRA owners even if no contributions were made to the IRA for that year; and
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contain a legend designating which information is being furnished to the IRS on Form 5498, IRA Contribution Information.
Required Minimum Distribution (RMD) Statement
If an IRA owner is age 72 or older and is required to take a distribution from an IRA for the year, the financial organization holding the IRA on December 31 of the prior year must provide an RMD statement to the IRA owner by January 31. RMD statements are not required for beneficiaries or for Roth IRA owners. This statement may be combined with the FMV statement.
The RMD statement must
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inform the IRA owner that an RMD is due for the calendar year,
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notify the IRA owner of the date by which the RMD must be taken,
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include an offer to provide a calculation of the RMD amount, upon request, and
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communicate what information is being reported to the IRS for the year.
This requirement may also be satisfied if a Form 5498 is sent to the IRA owner by January 31. If a financial organization opts to use Form 5498 to satisfy the RMD statement, then the date by which the RMD must be distributed should be entered in Box 12a, RMD date, and the RMD amount in Box 12b, RMD amount. However, keep in mind that if an IRA owner must take an RMD for the year, the financial organization is not required to report any RMD information to the IRS on Form 5498, other than the fact that an RMD is due.
SIMPLE IRA Account Statement
Financial organizations must provide SIMPLE IRA owners with an account statement by January 31. Although the IRS hasn’t provided any specific guidance on the form that the account statement must take, the SIMPLE IRA account statement must include
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the SIMPLE IRA’s account balance as of the end of the previous calendar year;
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a summary of the account activity throughout the previous calendar year; along with
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any distributions taken or fees charged against the account, as well as all contributions.
Coverdell ESA Year-End Statement
While year-end statements for Coverdell ESAs are not required, they are recommended. Before 2003, the FMV of an ESA—originally known as an Education IRA—was reported on Form 5498, IRA Contribution Information, which suggests reporting ESA FMVs as a “best practice.” The recommended deadline for providing a year-end statement to the designated beneficiary is January 31. This statement should show
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the ESA’s FMV as of December 31 of the previous year, and
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contribution activity for the calendar year.
IRS Form 1099-R
Financial organizations must report Traditional, Roth, and SIMPLE IRA distributions made during the calendar year on Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to IRA owners and beneficiaries by January 31.
Distributions reported on Form 1099-R include
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rollovers,
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recharacterizations, and
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conversions.
IRS Form 1099-SA
HSA and medical savings account (MSA) owners must be sent a Form 1099-SA, Distributions from HSA, Archer MSA, or Medicare Advantage MSA, by January 31, which reports their distributions for the previous year.
IRS Form 1099-Q
ESA distributions that were taken during the previous calendar year are reported on IRS Form 1099-Q, Payments From Qualified Education Programs, which is due to recipients by January 31.
IRS Form 945 and 945-A
Financial organizations must report amounts withheld by payers to the IRS on Form 945, Annual Return of Withheld Federal Income Tax. Form 945 is due to the IRS by January 31 of the year following the year the taxes are withheld.
NOTE: If withholding deposits are made on time and in full, the due date for filing Forms 945 and 945-A is February 10, rather than January 31.
Some payers are required to file Form 945-A, Annual Record of Federal Tax Liability, in addition to Form 945, depending upon the payer’s withholding depositor status. Monthly depositors file only Form 945, which lists the amount of nonpayroll withholding collected for each month. Semiweekly depositors, however, file Form 945-A with Form 945 to report nonpayroll withholding. Form 945-A reports the amount of nonpayroll withholding collected each day. The IRS uses Form 945-A to match the tax liability to deposits to determine whether the withholding tax liabilities have been timely deposited.
Employer SEP Contribution Notice
Employers that make SEP plan contributions for employees must notify employees of all discretionary contributions by the later of
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January 31 of the year following the year for which the contribution is made, or
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30 days after the contribution is made (potentially as late as the SEP plan sponsor’s tax return due date, including extensions).
February 28
IRS Forms 1099-R, 1099-Q, and 1099-SA
Forms to report distributions are due to the IRS by February 28 if filing on paper. The paper form must be filed with a Form 1096, Annual Summary and Transmittal of U.S. Information Returns.
March 15
IRS Forms 1099-R, 1099-Q, and 1099-SA
Forms 1042 and 1042-Srm 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, is filed to report tax withheld by the payor on certain payments (including IRA distributions) to foreign persons, including nonresident aliens. Form 1042 must be filed with recipients’ Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, by March 15 of the year following the year of distribution.
March 31
IRS Forms 1099-R, 1099-Q, and 1099-SA
These forms used to report distributions from IRAs, Coverdell ESAs, HSAs, and MSAs are due to the IRS by March 31 if filing electronically. Financial organizations must file electronically if there are 250 or more returns of any one type.