Michaela Porterfield
Massachusetts has some additional health insurance filing requirements that aren’t covered by simply completing your federal ACA filing. All MA residents who has health coverage should receive a Form MA 1099-HC and these forms should also be filed with the state. What is Form 1099-HC? Form MA 1099-HC is a tax document that shows proof … Read more
IRS Form 1099-C, Cancellation of Debt, is used to report the cancellation of $600 more in debt by applicable financial entities or if an identifiable event occurs. What’s new for Form 1099-C? Beginning in January 2022, the IRS has switched to a continuous use form and instructions for Form 1099-C. These will only be updated … Read more
The first step for filing is to prepare Form 1099-C by collecting all of the required information. Form 1099-C is used to report cancelled debts of $600 or more by certain entities and if an identifiable event occurs. What is new for Form 1099-C? The IRS has switched to a continuous use form and instructions … Read more
IRS Form 1099-K is used to report payments in settlement of reportable payment transactions each year. A payment in settlement of a reportable payment transaction is any payment card or third party network transaction. What’s new for Form 1099-K? One major recent change is that filers are required to report payments in settlement of third … Read more
Before starting your Form 1099-K filing, it’s important to collect all the required information to prepare Form 1099-K. Form 1099-K is used to report payments in settlement of reportable payment transactions of $600 or more each year. What’s new for Form 1099-K? Recently, the threshold for reporting payments from third party network transactions has been … Read more
Preparing Forms 1099 can be challenging, but we’re here to make it easier! We’ve compiled this list to help ensure that you avoid these common errors for Form 1099. Common Errors for Form 1099 Bbefore you finalize things, take a moment to review your forms for accuracy to avoid potential penalties or other problems. When completing … Read more
Once you’re ready to begin your Form 1099-R tax filing, you must gather the required information to prepare Form 1099-R. Form 1099-R is used to report certain distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, insurance contracts, and other distributions of $10 or more during a calendar year. What information is needed to prepare … Read more
IRS Form 1099-R is used report distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, insurance contracts, and other distributions of $10 or more during a calendar year. Who must file this form? It is typically filed by plan administrators or custodians of retirement plans, such as employers with pension plans. These entities are responsible … Read more
IRS Form 720, the Quarterly Excise Tax Return, is used to report and pay excise taxes on specific goods, services, and activities. This form encompasses a wide array of excise taxes, including environmental, fuel, and communication taxes, as well as the Patient-Centered Outcomes Research Institute (PCORI) fees. This guide provides an overview of what to … Read more
IRS Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes is important for documenting donations of vehicles, boats, and planes to donee organizations. What is Form 1098-C? It is used to document the donation of a vehicle, boat or airplane to a qualified charitable organization. It serves as proof of the donation and allows the … Read more