Financial institutions are required to report many types of 1099 forms to the IRS each year. Does your institution know when and how to file each type of Form 1099? For example, Form 1099-MISC must be filed when your institution pays a vendor $600 or more per year – but there are exceptions if the vendor is a certain type of legal entity. Form 1099-A must be filed when you foreclose on collateral, and Form 1099-C must be filed when you forgive debt. 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 $10 or more and related to a deposit account. Join us to learn the proper use of the forms listed below, when they must be filed, and review the new version of each form for the 2016 tax year.
Presenter: Elizabeth Fast, JD & CPA, Spencer Fane LLP
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