Understanding Form 1099-K


Thursday, August 22, 2024 | 2:00PM - 3:45PM Eastern Time

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.

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Featured speakers:

Wendy Walker
Solution Principal, Sovos Compliance

Wendy is the Solution Principal of Tax Information Reporting at Sovos. Wendy has over 18-years of tax operations and compliance leadership experience. Wendy is an active member in several industry Associations and is the Chair of the Information Reporting Subgroup of the Internal Revenue Service Advisory Council (IRSAC) and represents the industry on a variety of issues.

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.

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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].

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