1099 and W-9 Update - Complying with IRS Information Reporting

Complying with IRS information reporting requirements can be a complex and frustrating process-especially when it comes to Forms 1099 and W-9.

These forms are not just routine paperwork; they are the backbone of IRS reporting for nonemployee compensation, rents, royalties, interest, dividends, and other payments. Errors, omissions, and oversights in 1099 filing can lead to significant fines, reputational damage, and even federal enforcement actions.

This session will provide a comprehensive update on current requirements for 1099 and W-9 forms, along with guidance on how to establish internal controls and compliance workflows to meet IRS expectations. Participants will gain clarity on how to determine reportable payments, collect and verify W-9 forms, and respond to IRS notices regarding incorrect TINs.

Why should you Attend:
Failure to comply with 1099 reporting and W-9 collection requirements can lead to serious financial consequences. Even small errors-like a mismatched name and TIN-can trigger penalties, backup withholding obligations, or IRS audits. As IRS enforcement ramps up and reporting rules continue to evolve, your company cannot afford to be out of step.

This training will prepare you to handle these responsibilities with clarity and confidence. You’ll gain an understanding of the latest IRS updates, including new e-filing requirements and correction processes, and learn how to identify common traps that lead to penalties. Participants will walk away with best practices to streamline compliance, reduce risk, and build a strong foundation for successful IRS information reporting.

Areas Covered in the Session:

• Overview of Form 1099 series and common reporting obligations
• When and how to use Form W-9
• New 2025 IRS changes to e-filing requirements and thresholds
• Using the IRS IRIS system and TIN Matching
• Handling name/TIN mismatches and responding to CP2100 notices
• Best practices for collecting, reviewing, and storing W-9s
• Identifying reportable vs. non-reportable payments
• Backup withholding: when it applies and how to administer it
• Common errors and how to avoid costly penalties
• Due diligence and vendor management for outsourced 1099 filing
• Correction processes for previously filed 1099s
• How to prepare for an IRS audit or inquiry on information reporting

• Anyone that works in a Financial Institution