On-demand Webinar: Understanding Form 1099-K

Typically, issued by payment settlement entities, Form 1099-K is used to report payments made in settlement of reportable payment transactions, such as credit card transactions or third-party network transactions. In recent years, there have been changes in IRS and state reporting thresholds and requirements, impacting businesses' obligations to issue Form 1099-K to their payees. Staying informed about these regulatory updates will ensure compliance with tax reporting obligations. Additionally, understanding the nuances of Form 1099-K reporting helps streamline the reconciliation process and ensures accurate reporting of electronic transactions. This session will cover:

• General requirements for Form 1099-K reporting 
• Common organizational challenges with preparing Form 1099-K information including identifying-
  • Who is required to report the 1099-K?
  • What should be reported? 
  • What are the requirements for reporting to the payees, to the IRS and to the states?
• Best practices for ensuring accuracy with Name/TIN combinations
• Strategies for preparing payees and your organization for issuing and filing forms, addressing payee inquiries, and implementing tips to streamline withholding and 1099-K reporting processes, reducing associated risks.

Featured speakers:

Wendy Walker
VP, Regulatory Affairs, Sovos Compliance

Wendy Walker is the VP of Regulatory Affairs at Sovos for the RegTech business. Leveraging over 15 years of industry experience leading tax operations and compliance teams in financial services organizations, she now plays a pivotal role in driving Sovos' regulatory and policy strategy throughout the IRS and state tax agencies. Wendy proactively develops and advocates Sovos's related positions and influences emerging strategic issues in tax legislation and regulation which impact Sovos and its' clients. Wendy is the Chair of the Information Reporting Subgroup for the Internal Revenue Service Advisory Council (IRSAC) and is also an active member of the Council for Electronic Revenue Communication Advancement (CERCA) and the National Association of Computerized Tax Processors (NACTP). In these roles, Wendy advocates for improvements in tax policy and administration with members of the IRS and state tax authorities. 

Kellianne Munichiello
Regulatory Counsel, Sovos Compliance

Kellianne works as Regulatory Counsel for the Tax Information Reporting (TIR) Regulatory Analysis & Design Team at Sovos Compliance. She focuses on withholding and information reporting research at the state and federal level. Prior to Sovos, Kellianne worked as a real estate paralegal. Kellianne is a member of the Massachusetts Bar, earned her B.A. in Psychology at the University of Hawaiʻi at Mānoa, and graduated Cum Laude from Suffolk University Law School.

Continuing education credits available!

 Continuing Education for IOFM Certification

Receive 2 CEUs toward maintaining a certification with IOFM! IOFM's premier certification programs are designed to establish standards for the industry and recognize financial operations professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the body of knowledge in their profession. Additional rules may apply, depending on your certification. See full guidelines here. 

Accessibility Information:

IOFM is committed to accessibility. Disability-related accommodation requests for the live event (such as providing live captioning) should be sent to [email protected] by close of business the day before the live webinar. A captioned recording of this webinar can be made available upon request to [email protected].

Cancellation policy:

To cancel your registration for this event, simply contact IOFM customer service at [email protected] (or call 207-842-5557) no later than 24 hours prior to the scheduled start of the event. You can choose to access the full recorded event, or, your credit may be applied toward the purchase of any IOFM product or interactive event. If for any reason you are not completely satisfied with this program, we will provide a full refund — no questions asked!

For more information:

Contact Customer Service:

Phone: (207) 842-5557

Email: [email protected]