Preparing 1099s: Avoiding Penalties, New 1099-K Threshold, Backup Withholding, Combined Federal and State Reporting

Mr. Khan has extensive experience with information reporting and withholding tax documentation, reporting, and project management. He specializes in both the regulatory and compliance aspects of global operational taxes, such as U.S. qualified intermediary, FATCA, and CRS rules, with an emphasis on the practical and procedural requirements of back-office tax operations. Mr. Kahn has considerable experience in business process re engineering, automation developments, and controls design for global operational tax systems. He has assisted some of the world’s largest banks and custodians to understand the U.S. FATCA and AEOI regimes and worked with these financial institutions to develop processes and procedures to help ensure compliance. Mr. Kahn also has experience with IT systems integration, architecture design, and existing system enhancements. This includes interfacing with IT developers, database administrators, and systems administrators in writing business requirement documents, functional specification outlines, UAT test scripts, and resolving testing and end-user issues.

Mr. Prendergast is part of the firm's Information Reporting and Withholding practice. He has considerable experience advising financial institutions on information reporting and withholding related issues arising out of FATCA, the Non-Resident Alien withholding (chapter 3 of the Internal Revenue Code), and the Backup withholding (chapter 61 and 3406 of the IRC). He also advises clients with respect to non-U.S. reporting regimes such as, the U.K. provisions commonly known as the Crown Dependencies & Overseas Treasuries (CDOT), and the Standard for Automatic Exchange of Financial Account Information in Tax Matters (commonly referred to as the Common Reporting Standard, or CRS). Previously, he held an operational tax position at a global custodian, The Bank of New York Mellon, where he played a role in documentation validation, withholding and remittance, and the annual reporting process.