IRS Announces New IR-TCC in Phase 2 of Plan to Update Legacy IRS FIRE TCC

IR-TCC Application

In a Quick Alert posted on June 15th, the IRS announced that it is pushing forward with its implementation of the new Information Returns Application for Transmitter Control Code (IR-TCC) standard for the FIRE System. This development is critical for existing FIRE system filers as these users will need to re-apply for a TCC using … Read more

Mastering Form 1099-DIV: The Essential Guide

1099-DIV

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

Mastering Form 1099-NEC: The Essential Guide

1099-NEC

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

Mastering Form 1099-MISC: The Essential Guide

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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

Mastering Form 1099-INT: The Essential Guide

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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