Building a 1099 Operating Model for Success | Webinar
Comply Exchange’s Director of Client Services, Jessica Metts, was a guest speaker on Ledgible’s webinar alongside industry experts Jessalyn Dean (Ledgible) and Wendy Walker (SOVOS). During this webinar, they explored strategies for building a successful 1099 operating model and offered practical guidance on how to initiate this process within your organization. Developing an effective operating model involves collaboration across various functions and business lines, making it crucial to define roles and scope early on. Having these conversations upfront helps prevent delays and keeps the project on track.
Just a reminder: while this session focused on digital assets, the insights and requirements discussed are applicable across all industries. No matter your field, these takeaways provide valuable guidance for meeting compliance standards and enhancing operational efficiency.
Watch the full webinar below.
(This webinar was recorded on Monday, October 21, 2024).
Key Topics:
- Timeline of the new requirements.
- Key components of a 1099 reporting operating model.
- Essential data elements for payee and transaction records.
- Establishing steering committees and engaging stakeholders.
- Feeling lost at the start? Practical steps to initiate your compliance journey.
IRS Final Regulations (Form 1099-DA):
On June 28, 2024, the IRS and Treasury issued the final regulations on digital asset tax reporting, which were soon followed by updated drafts of the Form 1099-DA. These new regulations require digital asset brokers to withhold taxes and report annually on transactions involving cryptocurrencies, NFTs, tokenized securities, and other digital assets. In addition to these rules, digital asset service providers must also comply with a variety of other reporting obligations, covering income from staking rewards, airdrops, interest, and additional sources related to digital asset activities.
More content from us on Forms 1099:
Learn more about Comply Exchange:
Intuitive interview-based IRS form submission:
Enjoy peace of mind with Comply eForms, our IRS form submission platform that guides your customers through the process effortlessly. This ensures you receive accurate, valid forms promptly, without the need for extra oversight or intervention.
Our platform also supports self-certifications through a streamlined dual certification process, giving you confidence that all forms are fully compliant. This added layer of validation ensures both accuracy and timeliness, minimizing the risk of errors and reducing your compliance burden.
Future-proof ecosystem:
We take pride in staying at the forefront of innovation and technology, with a commitment to making your tax compliance journey as smooth and stress-free as possible. That’s why we continuously embrace advancements in areas like AI, OCR, and beyond, ensuring that you always have the best tools at your disposal.
Security optimized:
Security is a top priority in everything we develop. We are committed to keeping your data safe and secure, which is why we implement cutting-edge security measures and rigorous protocols to protect your information at all times.
Expansive document repository:
At the heart of our platform is Comply Admin, a powerful document repository equipped with a wide range of reporting and error management tools. It offers full transparency over your forms and tax data, ensuring seamless tax compliance with the latest regulations and requirements.
Schedule a demo
Discover more about our company and tax technology solutions by scheduling your personalized demo today. Each demo is customized to meet your unique business needs, ensuring you get the most out of your time with us.
- A comprehensive, end-to-end showcase of the Comply eco-system.
- Ongoing support to address any questions or requirements, both before and after your session.
- An open forum where you can ask questions specific to your organization, because we understand that every business is unique.
- A tailored demonstration that highlights exactly how our solutions can benefit your operations and seamlessly integrate into your workflows.
About Us
Comply Exchange was built to give businesses and individuals alike the support that they need to comply with the complex and ever-evolving regulatory tax burdens imposed by the IRS and other global authorities with respect to information reporting and withholding.
Reach out to our experts today to schedule a demo and see how our software and services can help you streamline and automate your tax compliance needs.
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