$305.00 – $705.00
Date Recorded: June 28, 2022
Presented By: Anetria Cohen, Vice President and Senior Consultant, ProBank Austin
A two-hour webinar series that is tailored to address when things go wrong.
Financial institutions always can be assured of one thing: whether it is providing or receiving products or services, there’s likely going to be a tax consequence to it, and therefore will have to comply with a variety of requirements to report information to the IRS and its customers.
Unfortunately, IRS rules and reporting responsibilities are complex, extensive, and overwhelming, and, like with all things, mistakes may be made with IRS reporting. Sometimes customers give us incorrect information and sometimes we make mistakes. Either way, two consequences may occur: backup withholding and penalties. The IRS may require us to backup withhold if it has reason to believe the Taxpayer Identification Number is missing or incorrect or if it believes the taxpayer is underreporting. Also, the IRS may impose penalties for anything that we are responsible for and for which is incorrect.
Please note that separate webinars conducted at the end of the year will review the forms on which we are required to report, including the 1098, 1099s, and 1042-S.
HERE’S WHAT YOU’LL LEARN:
Appropriate staff to attend would be compliance, deposit and lending operations, collection and foreclosure, accounts payable, and auditors.
Program Level: Basic
Prerequisite: Basic knowledge of IRS Rules and Reporting Requirements
Advanced Preparation: None
Field of Study: Specialized Knowledge
Any recording, transmission, retransmission, or republishing of any portion of this webinar is prohibited.