For the 2023 tax filing season, banks and credit unions must navigate a variety of significant changes to both the federal and state reporting requirements. And as the IRS continues to modernize its tax filing system, expect additional changes in 2024 and beyond.
However, the tax reporting process is arduous and inefficient, causing financial institutions to waste time with manual tasks. And, the chance of error increases, especially with the decentralized approach to reporting at most banks and credit unions.
Listen to this podcast to learn:
- How Form 1042 changes will impact tax reporting
- Why penalties are increasing—and what you can do to make sure you don't get fined
- Best practices for the upcoming tax filing season
- How to simplify the reporting process for the future
Listen to Wendy Walker, Solution Principal of Tax Information Reporting,