Questions about a particular Form 1099 for a certain tax year? This informative archive is your last stop to gather recipient information, learn about common errors, find out who receives a 1099 and 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 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
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
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
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 & A2A: Integration into … Read more
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
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
The end of the 2023 tax year means that the 2024 filing season is just around the corner! With our filing guide, you don’t have to spend endless hours laboring over getting your filings prepared and submitted to the IRS. Whether you’re brand new to filing or have been a doing this for a while, … Read more
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