1099 and 1042-S Compliance Insights and Updates from the IOFM Master Guides for 2024

The new Fall 2024 editions of IOFM’s Master Guides to Form 1099 Compliance and Master Guide to Form 1042-S Tax Compliance have been released. You’re invited to join us on Monday, October 7 for a webinar that will cover the changes that affect your 1099 and 1042-S information return filing to the IRS – and the resources the IOFM Master Guides provide to support tax reporting and withholding compliance in the payment situations you deal with throughout the year.

Among the issues for discussion are:

• Electronic filing now required for nearly all filers of Forms 1099 and 1042-S
• The three IRS electronic filing systems available for your 2024 year-end filing
• New IRS Form W-9 for use beginning March 2024 to obtain payee information
• Another increase in penalty amounts for information return failures
• Changes in some tax treaties with other countries
• How the Form 1099 Master Guides helps you handle IRS B Notices and proposed penalty notices
• State 1099 reporting information and links, and state new-hire contractor reporting and links

Mary Kallewaard
Principal, Cokala Tax Group

Mary Kallewaard is a founding member of Cokala Tax Group, where she oversees project management, monitors federal regulatory and legislative developments and provides tax technical compliance assistance to clients, and is the primary author of Cokala’s weekly bulletins on federal information reporting and withholding tax compliance. She is a former Chairperson of IRPAC, the Information Reporting Program Advisory Committee to the IRS Commissioner, and served two additional years as an IRPAC member. Mary has specialized in the area of tax information reporting and withholding compliance for 25 years and prior to co-founding Cokala her work included editing and writing for specialized tax compliance publications and developing curriculum for training programs for information reporting and withholding. She also served in elected and appointed positions in municipal government.

Grace Chlosta
Content Manager, IOFM

Grace Chlosta joined the Institute of Finance & Management (IOFM) in 2022 in a new role for the team as the Content Manager. She is responsible for the planning, organization, development, and implementation of all the content for IOFM’s digital products and (virtual and in-person) events. Grace is committed to ensuring that IOFM’s content stays timely, relevant, and actionable for all financial operations professionals, and works closely with a team of content developers, industry leaders, and subject matter experts to guarantee this happens.