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Spend two days here and return to your office fully prepared to meet the requirements of the IRS—and keep your
institution clear of any penalties or costly fallout from mistakes!
DAY
ONE | THURSDAY, OCTOBER 16, 2008
9:00 – 10:00 INFORMATION REPORTING DEVELOPMENTS – THE IRS PERSPECTIVE
With the success of the voluntary compliance program (VCP) in the past, the IRS now prepares to move on to the next phase. A post-VCP world will see more traditional IRS audits, and the IRS continues to add resources in preparation. Find out how the IRS’s latest moves may affect your institution.
KATHY ROBBINS,
Director of Field Operations,
Internal Revenue Service, (invited)
10:00 – 10:15 Refreshment Break
10:15 – 11:30 YEAR-IN-REVIEW
This perennial favorite will encapsulate all the news of the past year in a concise, entertaining, and comprehensible manner that will allow you to focus on the implications on your own organization.
PAULA D. PORPILIA ,
President,
TIN Compliance Consultants
11:30 – 12:00 IRPAC UPDATE
The Information Reporting Program Advisory Committee (IRPAC) continues to be an active force in the development of reporting and withholding guidance. Hear the latest IRPAC issues, and their potential impact on your institution, during this session.
JON LAKRITZ,
Vice President,
JPMorgan Chase Bank,
SUZANNE M. SULLIVAN,
Senior Vice President,
Bank of America Corporation, (invited)
12:00 – 1:00 Luncheon
1:00 – 2:00 MARTINSBURG COMPUTING CENTER UPDATE
This popular session will guide you through the IRS magnetic media reporting requirements and how to file electronically through the FIRE system.
REPRESENTIVE,
Martinsburg Computing Center,
Internal Revenue Service
MELINDA T. SCHMIDT,
Director, Information Reporting Practice, KPMG LLP
2:00 – 3:00 WIDELY HELD FIXED INVESTMENT TRUSTS (WHIFTS) AND OTHER FINANCIAL PRODUCTS
New requirements for WHFIT reporting are presenting numerous challenges for financial institutions. Hear the latest on these and other new products during this session.
JUSTIN FEUERSTEIN,
Product Manager, Wall Street Concepts
3:00 – 3:15 Refreshment Break
3:15 – 4:15 LOAN REPORTING
The pace of foreclosures and loan workouts have increased dramatically this year, making this session essential for any institution facing a flood of Form 1099-A and 1099-C reporting. Hear also the latest on reporting mortgage insurance and other Form 1098 issues.
CHERYL S. RIEDLINGER,
Tax Counsel, The Tax Reporting Group
4:15 – 4:30 WRAP-UP/Q&A
4:30 DAY ONE ADJOURNS
DAY
TWO | FRIDAY, OCTOBER 17, 2008
9:00 – 10:00 IRS UPDATE
The IRS continues to refine – and expand – the requirements for payments to non-U.S. persons. Hear about the IRS’s proposed changes to the Form W-8, which could significantly increase your compliance burdens. Also hear about the status of proposed regulations on withholding for “302” redemptions. This session will also cover additional details of the IRS audit plans, an overview of upcoming audit guidance in the Internal Revenue Manual, and the latest changes for the Qualified Intermediary (QI) program.
THOMAS A. CHILLEMI, Qualified Intermediary Team Manager, Internal Revenue Service
CHIP K. COLLINS, Managing Director, UBS Investment Bank (Co-Chair)
CARL COOPER, Senior Counsel, Branch 2, Internal Revenue Service, (invited)
PHILIP L. GARLETT, Partner, Burt, Staples & Maner, LLP
TODD E. LARSEN, U.S. Withholding Agent Program Manager, Internal Revenue Service
10:30 – 10:45 Refreshment Break
10:45 – 11:30 FORM W-8 VALIDATION ISSUES
Thorough review and processing of Forms W-8 is essential in order to comply with the NRA withholding and reporting requirements. But these forms are not exactly “user friendly,” resulting in many forms being invalid. What are your “due diligence” requirements for reviewing these forms, and how can you cure various problems? Find out in this important session.
ROGER J. CARDINAL, Executive Director , Burt, Staples & Maner, LLP (Co-Chair)
CYRUS DAFTARY, Executive Director, Compliance Technologies International LLC
11:30 – 12:30 SECURITIES LENDING
Securities lending transactions result in multiple payment streams – and multiple opportunities to make costly mistakes that can result in significant liabilities. Hear a rational explanation of these complex rules from a leading industry expert.
ROM WATSON, Partner, Ropes & Gray, (invited)
12:30 – 1:30 Luncheon
1:30 – 2:30 BASIS REPORTING
Congress continues to work on an expansive requirement to report basis information with gross proceeds on Form 1099-B. The most recent bill also included a surprise requirement to file Forms 1099-B for sales by corporations. If enacted, these proposals would present significant challenges to many institutions.
JON LAKRITZ, Vice President, JPMorgan Chase Bank
2:30 – 2:45 Refreshment Break
2:45 – 3:45 IRS AUDIT ISSUES
With the IRS increasing its focus on audits, it’s time to ask – what are my institution’s key exposures, and what can I do to mount a defense? Potential withholding liabilities, plus penalties and interest, can produce a staggering sum. Find out during this session what you may face from the IRS and how best to defend your institution.
ROGER J. CARDINAL, Executive Director , Burt, Staples & Maner, LLP, (Co-Chair)
JOHN M. STAPLES, Partner , Burt, Staples & Maner, LLP
3:45 – 4:00 WRAP-UP/ Q&A
4:00 CONFERENCE ADJOURNS
EXTEND
YOUR LEARNING.....
BASICS
OF INFORMATION REPORTING
October
15, 2008
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