TROUBLED DEBT RESTRUCTURING: WHAT QUALIFIES & ACCOUNTING FOR TDRS AS CREDIT IMPROVES

It’s B-Notice season! The 2022 edition of this essential compliance training webinar provides updates on currently active IRS enforcement campaigns and current IRS administrative procedures for the B Notice and information return penalty programs. The basic procedures required by Regulations and Revenue Procedures will be explained for the stages of compliance: Initial vendor setup: Do your internal procedures for setting up vendors and other payees include all required steps for “TIN solicitation” – the process of obtaining tax identification numbers according to IRS rules including up to three attempts for reportable payees? Backup withholding: Do you backup withhold 24% federal income tax from certain payments when required by tax regulations? IRS Notice CP2100/2100A: Do you fully and timely carry out the required procedures when an IRS “B Notice” is issued to your organization? IRS Notice 972-CG: Are you prepared to respond to the IRS Notice of a monetary penalty assessment proposed against your organization for failures in backup withholding or Form 1099 filing compliance?

The fintech industry raised record capital in 2021, with fintech companies from start-ups to scale-ups increasingly attractive to investors. How a fintech raises capital is a crucial decision; becoming a public company involves new responsibilities, including governance, disclosure, and escrow requirements.

Payments for software, digital content and cloud transactions are among the most challenging types of payments to correctly analyze for IRS Form 1099 or 1042-S reporting compliance. Should a payment be characterized as a royalty, a rental, a goods purchase or a service? How are these types of income to be “sourced” either within or outside of the United States? This presentation will bring you up to date with the most recent official IRS guidance and instructions. How the tax regulations interact with definitions from copyright law Tax regulations which classify transactions involving computer programs How proposed regulations, REG-130700-14, answer some important questions – but not all How these various tax treatments are reported to the IRS on Form 1099-MISC, Form 1099-NEC and Form 1042-S

How important is for you to constantly adding new clients to your business? You might rely mostly on your loyal clients but this is not how your business will grow and stay sustainable over the years. “Networking”, or the science of building great personal and professional relationships with new potential clients, is at the base of any professional services and the financial service makes no exception. The most successful lawyers, bankers and asset managers understand its importance and leverage it regularly. But networking is not a talent we were born with. It’s a skill we need to learn that has rules and principles to be observed and respected in order to be effective.