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Take advantage of ICBA webinars, seminars, and other events to help you stay ahead of the competition. We offer a variety of courses to fit every need and schedule.
Start: October 02, 2024 11:00 AM CST
Finish: October 02, 2024 12:00 PM CST
Most people in the banking business are familiar with IRS Form 1099-INT, which deals with true interest payments (payments for the use or forbearance of money).
However, confusion arises around the requirement to file Forms 1099-INT and 1099-MISC for promotional payments to customers, such as incentives for opening accounts, setting up direct deposits, or using specific debit cards. This issue has become more complicated with the rise of fintech. The lack of clear guidance can lead to significant missteps and potentially hefty penalties.
Gain an overview of some of the reporting issues and penalties and uncover a path forward for complying with Forms 1099-INT and 1099-MISC for promotional programs.
Learning Objectives:
Duration: 60-minutes
Most people in the banking business are familiar with IRS Form 1099-INT, which deals with true interest payments (payments for the use or forbearance of money).