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

Nov 08 2:00 PM - Nov 08, 2022 3:30 PM
Nov 08, 2022 2:00 PM - 3:30 PM
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Is it a foreclosure, repossession, or cancellation of debt? Do you know the differences, IRS reporting requirements, and exclusions? This timely topic will ensure you can successfully navigate the necessary IRS forms, procedures, and hazards.

Learning Objectives

  • Properly complete Form 1099-A: Acquisition or Abandonment of Secured Property, Form 1099-C:Cancellation of Debt, Form 1099-MISC: Miscellaneous Information, and Form 1099-INT: Interest Income
  • Understand when Form 1099-A must be filed when collateral is repossessed or foreclosed upon and what the exclusions are
  • Identify when Form 1099-MISC must be filed for payments to vendors and which vendors are exempt from coverage
  • Distinguish what constitutes cancellation of debt for purposes of Form 1099-C
  • Determine what constitutes reportable interest for purposes of Form 1099-INT
  • Explain the rules for reporting miscellaneous types of income under Form 1099-MISC

Financial institutions are required to report many different types of transactions on an IRS 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 that you need to know), and Form 1099-C must be filed when your institution cancels a debt (and these rules can apply even though your institution hasn’t actually forgiven the debt). Form 1099-MISC must be filed when your institution pays a third-party vendor (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. In this webinar, you will learn how, when, and what to report on Forms 1099-A, 1099-C, 1099-INT and 1099-MISC. In addition, we will review each of these forms line by line.



Elizabeth Fast, 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.




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Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Lending & Collections
  • Compliance