Understanding Form 1099-K | Product

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.