Information about IRS Form 1096, Annual Summary and Transmittal of U.S. Information Returns, including guides and filing options.
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
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
Form 1099-DIV is used by banks and other financial institutions to report dividend income and other distributions, such as stock or capital gains. They are completed for each person who has been paid dividends and other distributions on stock of $10 or more. There are circumstances where someone might receive a Form 1099-DIV; there are … Read more
Form 1099-NEC is used to report non-employee compensation amounts to the IRS. A non-employee is defined as a person or business who is not employed by your company, such as independent contractors, freelancers, or outsourcing companies. Learn more about determining who should receive a Form 1099-NEC by navigating to our article “Who receives a Form … Read more
IRS Form 1099-MISC, introduced in 1918, is a type of 1099 used to report various types of miscellaneous income. Prior to Tax Year 2020, Form 1099-MISC reported non-employee compensation in box 7. Now, non-employee compensation has its own form: the 1099-NEC. This form is issued by the payer, or known as a business, and given … Read more
Form 1099-INT is an official IRS document to report interest payers or businesses made to eligible recipients. This form is sent to the IRS during the tax year, as well as any applicable states and individuals for their records. Form 1099-INT is completed by the business/entity whom paid out the interest, not by the recipients. … Read more
IRS Form 1096, Annual Summary and Transmittal of U.S. Information Returns, is used as a summary or “cover sheet” to various types of other forms only when submitting a paper filing to the IRS. What is IRS Form 1096 and what is it used for? It provides the IRS with more information regarding the filing, … Read more