Form 1099 Reporting: Third-Party Vendors, Foreclosures, Debt Forgiveness & More
There are a wide variety of 1099 forms. Does your institution know when and how to file each type? What documentation is needed? What kind of data is required to complete each one? Join this line-by-line review of Forms 1099-A, 1099-C, and 1099-MISC to make this year’s reporting a breeze.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Properly complete:
- Form 1099-A, Acquisition or Abandonment of Secured Property
- Form 1099-C, Cancellation of Debt
- Form 1099-MISC, Miscellaneous Information
- Know when Form 1099-A must be filed when repossessing or foreclosing on collateral and understand the exclusions
- Distinguish what constitutes cancellation of debt for purposes of Form 1099-C
- Understand when Form 1099-MISC must be filed for vendor payments, and which are exempt
- Explain the rules for reporting miscellaneous types of income under Form 1099-MISC
WEBINAR DETAILS
Financial institutions are required to report many different types of transactions on IRS Form 1099. For example, Form 1099-A must be filed when your institution forecloses on collateral (but there are many exceptions you need to know). Form 1099-C must be filed when a debt is cancelled (these rules can apply even though the debt hasn’t been forgiven). Form 1099-MISC must be filed when your institution pays a third-party vendor (but there are exceptions if the vendor is a specific legal entity). In this webinar, you will learn how, when, and what to report on Forms 1099-A, 1099-C, and 1099-MISC – including a line-by-line review of each.
WHO SHOULD ATTEND?
This informative session will be useful for all deposit operations personnel, loan operations personnel, accounting clerks, tax personnel, accountants, managers, compliance officers, auditors, and attorneys.
