IRS Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes

irs form 1098-C cover

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

What is IRS Form 1098, Mortgage Interest Statement?

form 1098 mortgage interest statement

IRS Form 1098, Mortgage Interest Statement, is a tax document used to report mortgage interest of $600 or more received during the year from one individual during the course of business with the individual. This form details lender and borrower information, along with interest amounts and the address of the property with the mortgage. What … Read more

Understanding IRS Form 1097-BTC, Bond Tax Credits

IRS Form 1097-BTC

IRS Form 1097-BTC, Bond Tax Credit, is a document for issuers and recipients of tax credit bonds, and is used to report bond tax credits accurately. This form details issuer and recipient information, bond type, and credit amounts. What is Form 1097-BTC?  Issuers of certain tax credit bonds and recipients of the form must file … Read more

IRIS Update: 13 New Forms to be Added

IRIS Update New Forms to be Added

Beginning on July 1, 2024, IRIS, or the Internal Revenue Information System, will add 13 new forms to the Taxpayer Portal intake for tax year 2023. This update makes IRIS a more comprehensive and robust filing system.  What’s New? The following Information Returns will be incorporated into the IRIS Taxpayer Portal: Integration into Your IRIS … Read more

New Form 1099-DA: IRS Releases Draft for Digital Assets Form

stock and crypto market values - form 1099-DA draft

The IRS has finally revealed the new draft Form 1099-DA, which is the very first type of form specifically created for digital assets, or cryptocurrency. This release has been anticipated since the IRS issued proposed regulations in August 2023 that would require brokers to report transactions of digital assets. Form 1099-DA is set to come … Read more

FIRE Users Stunned: Legacy TCCs No Longer Valid, IRS Helpdesk Not Available

user frustrated by IRS IR-TCC, legacy TCC process

The IRS has recently announced a significant change affecting all users of the Filing Information Returns Electronically (FIRE) system. Legacy TCCS (Transmitter Control Codes) are now obsolete. This update impacts a wide range of entities including any organization that is filing directly with the IRS as part of their yearly information reporting workflow. Overview of … Read more

IRS FIRE and IRIS Production Cutover Schedule Released for TY 2023

FIRE and IRIS Production Cutover Schedule Released

The Internal Revenue Service (IRS) has announced the annual schedules for the FIRE and IRIS Production cutover/shutdown for Tax Year 2023 (Filing Season 2024). During these periods, all transmission activities, including corrections and replacements for FIRE and IRIS, will be temporarily halted. FIRE Production Cutover Schedules The temporary closure FIRE production will begin at 3:00 … Read more

2024 IRS Updates for Forms 1099-K, 1099-DA, W-9, and Paper Filing (TY 2023)

IRS Updates -- Woman Office Worker Handing Paperwork

For the tax year 2023, there have been many notable IRS updates affecting Forms 1099-K, W-9, and the new 1099-DA, along with changes to electronic filing requirements. Key highlights include the postponed $600 threshold for 1099-K, revisions to W-9, the debut of 1099-DA for digital assets, and a lowered threshold for mandatory electronic filing. This … Read more

IRS Form 1099-DIV Guide for 2024 (TY2023)

Form 1099-DIV Guide

Before you begin preparing Form 1099-DIV filing, it is important that you know what information you need. We’ve compiled the following 4 key topics in our Form 1099-DIV Guide that may help you to correctly and timely complete your filing. What’s new for Form 1099-DIV? The electronic filing threshold has been decreased to 10 forms. … Read more

IRS Form 1099-INT Guide for 2024 (TY2023)

Form 1099-INT Guide

Before you begin preparing Form 1099-INT filing, it is important that you know what information you need. We’ve compiled the following 4 key topics in our Form 1099-INT Guide that may help you to correctly and timely complete your filing. What’s new for Form 1099-INT? The electronic filing threshold has been decreased to 10 forms. … Read more

IRS Form 1099-NEC Guide for 2024 (TY2023)

1099-NEC

When preparing Form 1099-NEC filings, it is important that you know what information you need to gather. We’ve compiled the following 4 key topics in our Form 1099-NEC Guide that may help you to correctly and timely complete your filing. What’s new for Form 1099-NEC? The electronic filing threshold has been decreased to 10 forms. … Read more

IRS Form 1099-MISC Guide for 2024 (TY2023)

Form 1099-MISC Guide

Before you begin preparing your Form 1099-MISC reporting, it is important that you know what information you need to gather. We’ve compiled the following 4 key topics in our Form 1099-MISC Guide that may help you to correctly and timely complete your filing. What’s new for Form 1099-MISC? The electronic filing threshold has been decreased … Read more

1099-MISC vs 1099-NEC: The Comprehensive Comparison Guide

Person typing

Most individuals are familiar with Form 1099-MISC, so what is this new Form 1099-NEC? We’re here to outline the differences and give you the information you need to determine which forms to file. What is the Form 1099-NEC? Form 1099-NEC was reintroduced in 2020. It’s based on an older version of the form that hasn’t … Read more

Combined Federal/State Filing Program – Comprehensive List

combined federal/state filing program - minnesota wisconsin

In addition to IRS filing requirements, many states have Form 1099 Requirements as well. The Combined Federal/State Filing (CF/SF) Program was created and implemented to make filing certain information returns easier and simpler for the filer. What is the Combined Federal/State Filing Program? The CF/SF program was established to simplify information returns filing for payers. … Read more

   Help