Form 1099 Reporting: Third-Party Vendors, Foreclosures, Debt Forgiveness & More

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Financial institutions are required to report many different types of transactions on a Form 1099. Does your institution know when and how to file each type of 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), and Form 1099-C must be filed when your institution cancels a debt (even if you haven’t actually forgiven the debt). Form 1099-MISC must be filed when your institution pays a vendor $600 or more – but there are exceptions if the vendor is a certain type of legal entity. Also, Form 1099-MISC must be filed if your institution awards a prize worth $600 or more, but Form 1099-INT must be filed if the prize is worth $10 or more and related to a deposit account. Join us for a line-by-line review and learn how, when, and what to report on Forms 1099-A, 1099-C, 1099-INT, and 1099-MISC.  

HIGHLIGHTS

  • Line-by-line review of Forms 1099-A, 1099-C, 1099-INT, and 1099-MISC
  • 1099-A: Acquisition or Abandonment of Secured Property – What if you don’t acquire the property at the foreclosure sale or if you hold a subordinate lien?
  • 1099-C: Cancellation of Debt – What if the borrower files bankruptcy? What constitutes a cancellation of debt for this purpose?
  • 1099-INT: Interest Income – What is reportable interest for this purpose?
  • 1099-MISC: Miscellaneous Income – Which vendors are exempt from coverage?

TAKE-AWAY TOOLKIT

  • IRS General Instructions for Certain Information Returns and specific instructions for Forms 1099-A, 1099-C, 1099-INT, and 1099-MISC
  • Employee training log
  • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?
This informative session will be useful for all deposit operations personnel, loan operations staff, accounting clerks, tax personnel, accountants, management, compliance officers, auditors, and attorneys. 

PLEASE NOTE: The live webinar option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered. You may have as many people as you like listen from your office speaker phone.

ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor. 

Originally recorded on October 31, 2018.

Recorded webinar is available until April 30, 2018.

Free Digital Copy included with purchase to download and view beyond link expiration date.

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