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Course description

It has always been said that no job is finished until the paperwork is done, and that is certainly true for your credit union and its IRS reporting responsibilities. Your customers need to know you are complying with all the applicable rules and timelines in this essential operational area. As the end of this tax year approaches, make sure you understand all the guidelines, deadlines, and forms that affect the IRS reporting requirements. 

Whether it is reporting the interest earned on deposit accounts or paid on real estate loans, mandatory minimum distributions on IRAs, contractor payments or declaring a debt canceled, the Internal Revenue Service expects your institution to understand the rules and get them right every time. But what impact do changes in staff, management, business lines or core processing systems have on your ability to comply with these technical requirements? Is there a way you can save time, effort and headaches within your IRS Reporting Compliance Program? Can you leverage your current data processing system to save time and effort? Let process compliance veteran, David Reed, show you the current world of IRS Reporting and share best practices for adding compliance and efficiency to this long hidden task. 


  • Guidelines for Determining Reporting Requirements
  • Back-up Withholding Issues
  • Obtaining Taxpayer Identification Numbers (TIN's)
  • IRS Forms, Procedures and Landmines
  • 1098
  • 1099-A & C
  • 1099-INT
  • 1099-MISC
  • 1099-R
  • 1042
  • Reporting Deadlines
  • Best Practices


David Reed

Attorney, author, consultant and nationally recognized speaker, David A. Reed is a partner in the law firm of Reed and Jolly, PLLC. Through Reed and Jolly, Mr. Reed provides guidance to financial institutions concerning a variety of matters including the establishment and revision of policies and procedures, organizational compliance, collections, security, contractual agreements, regulatory matters and corporate governance. His engaging speaking style has garnered him status as a regular lecturer nationwide on topics such as regulatory compliance, consumer lending, bankruptcy and collections. He offers facilitation services and a full range of on-site training programs that can be delivered to the Board, executive team, managers or frontline staff. A former trial attorney and Vice President and General Counsel of a regional financial institution, Mr. Reed is particularly noted as an expert in the areas of financial institution operations, bankruptcy and collections. He has been selected to train federal and state field examination staff on numerous issues including ID Theft Red Flags, S.A.F.E Act, Third Party Contract Management and Bankruptcy. He also serves as editor of several industry manuals. Mr. Reed received his undergraduate degree from Virginia Tech in 1986 and his Juris Doctorate from George Mason University School of Law in 1989. He is a Certified Compliance Officer and resides in Fairfax, Virginia with his wife Diane and their twin daughters.

Course curriculum

  • 1


    • IRS Reporting Requirements: 1098s, 1099s, TINs and Backup Withholding

  • 2


    • Slides

    • Webinar Q & A Document

    • IRS Form 1042 - 2018

    • IRS Form 1098 - 2018

    • IRS Form 1099 A 2018

    • IRS Form 1099 INT 2018

    • IRS Form 1099 MISC 2018

    • IRS Form 1099 R 2018

    • IRS Form W-9 2018

    • IRS Form 1099-C 2018