Form 1099-MISC reports payments given to you not by your employer. Find out if you as an employer need to distribute a 1099-misc by reading the latest news related to form 1099-misc.
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
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
We’ve created Excel import spreadsheet templates to help you easily upload all of your 1095-B and 1095-C, 1099, and W-2 data. These templates are identical to the official IRS forms so that you can enter the information just as you would on paper. General Import Spreadsheet Guidelines For more in-depth or specific validation errors, you can … Read more
Every BoomTax filing license comes with free unlimited corrections submissions. We hope you never have to use them, but you should know what they are, when to submit them, why they are necessary, and how to minimize them. What Are Corrections? After you’ve submitted your information returns to the IRS, they may come back as … Read more
Preparing Forms 1099-MISC can be difficult, but we are here to help simplify things! We have compiled this list to help ensure that you don’t make these common errors for Form 1099-MISC. So, you have already: If so, it sounds like you are ready to complete and file your 1099-MISC forms. However, before you press … Read more
Form 1099-MISC, Miscellaneous Information, is used to report various types of miscellaneous income, such as rents, prizes and awards, and other income payments. Prior to tax year 2020, Form 1099-MISC was used to report nonemployee compensation amounts in box 7. The most recent versions of this form do not have a box for nonemployee compensation … Read more
Form 1099 is a crucial tax document used to report various types of income and information to the IRS and taxpayers. There are a variety of different 1099 form types and each has its own purpose. These form types are typically used by businesses and other payers to report certain transactions to the IRS. Distribute … 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
In a surprise QuickAlerts announcement, the IRS has stated that there is an error in Publication 1220 and that DC and PA should not be listed among the states that participate in combined federal/state filing (CF/SF). Error in CF/SF List From the QuickAlert: “The current version of Publication 1220, (rev. 10-2022) Specifications for Electronic Filing … Read more
We’ve created Excel import spreadsheet templates to help you easily upload all of your 1095-B and 1095-C, 1099, and W-2 data. These templates are identical to the official IRS forms so that you can enter the information just as you would on paper. General Import Spreadsheet Guidelines For more in-depth or specific validation errors, you can … Read more
Once you are ready to begin your tax filing, you must gather the required information to prepare Form 1099-MISC. This includes information for the business, or payer, and recipient, or payee, as well as the amounts paid to the recipient. Form 1099-MISC, Miscellaneous Information, is used to report various types of miscellaneous income, such as … Read more
We’ve created Excel import spreadsheet templates to help you easily upload all of your 1095-B and 1095-C, 1099, and W-2 data. These templates are identical to the official IRS forms so that you can enter the information just as you would on paper. General Import Spreadsheet Guidelines For more in-depth or specific validation errors, you … Read more
Form 1099-MISC is used to report payments to non-employees. 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. This includes persons such as cleaning services, IT support, or maintenance services. The IRS instructs that a 1099-MISC form must be completed … Read more
There are many common errors Form 1099-MISC, so we have compiled this list to help ensure that you don’t make them. So, you have already: If so, it sounds like you are ready to complete and file your 1099-MISC forms. However, before you press that print or e-file button, take a moment to review your … Read more