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

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

2024 IRS Penalties for ACA, 1099, & W-2 Forms (TY2023)

2024 IRS Penalties Cover

IRS Penalties can happen for a variety of reasons, including forgetting to file, not filing by the deadline, not furnishing forms, or not offering coverage for ACA filing. IRS Penalties for ACA Forms Both types of ACA filings (B-series and C-series) require that the filer submit a return to the IRS, any applicable states, and … Read more

Electronic Form Delivery Simplifies IRS 1095, 1099, & W-2

Electronic Form Delivery

The IRS authorizes businesses to furnish electronic copies of certain tax forms, instead of a paper copy. Electronic Form Delivery Benefits There are many benefits to E-Delivery: However, electronic form delivery isn’t as simple as just sending forms via email; there are extensive rules and requirements for it. Electronic Form Delivery Requirements The requirements for … Read more

2024 Deadlines for ACA, 1099 & W-2 Forms – IRS TY2023

2023 Deadlines, 2024 Deadlines for ACA 1099 & W-2

Tax Year 2023 is coming to a close, which means that the filing season of 2024 is upon us! We’ve created this guide, so you don’t miss the 2024 deadlines. Basic Information When each tax year, or calendar year, comes to a close, employers must ensure that they meet all IRS tax requirements regarding filing. … Read more

Prepare Form 1099-DIV for IRS Reporting

typing hands sideview - Prepare Form 1099-DIV

Before you prepare Form 1099-DIV, you will need tax information for the payer and payee, as well as the amounts paid to the payee. What information is needed to prepare form 1099-DIV? Payer Information You will need to include the following information on each form you prepare. Payee Information You will need to include the … Read more

Navigating the Impact of Remote Work on ACA, 1099, and W2 Filing in the Post-COVID Era

remote workers

In the wake of the COVID-19 pandemic, businesses across the globe have been propelled towards a new normal: remote work. This shift has had far-reaching implications, extending even into the realm of tax obligations and health insurance compliance. As we continue to adapt to these changes in 2023, it is crucial for businesses to understand … Read more

Avoid These Common Errors for Form 1099-INT and 1099-DIV

Hand Stop Sign - Common Errors for Form 1099-DIV and 1099-INT

Preparing Forms 1099-INT and 1099-DIV can be difficult, but we are here to simplify things! We have compiled this list to help ensure that you don’t make these common errors for Form 1099-INT and 1099-DIV. Background Information To reduce errors for Form 1099, it’s important to know what these forms types are and how they … Read more

Avoid These Common Errors for Form 1099-NEC

broken ceramics - Common Errors for Form 1099-NEC

Preparing Forms 1099-NEC 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-NEC. A Brief History To reduce errors for Form 1099-NEC, it is important to know what this form is and how it is used. … Read more

Avoid These Common Errors for Form 1099-MISC

crumpled paper trash can - common errors for form 1099-misc

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

Who Receives a Form 1099-DIV?

Money - Form 1099-DIV

What is Form 1099-DIV? This form is used by banks and other financial institutions to report dividend income and other distributions such as from stock or capital gains. What information is reported on Form 1099-DIV? The left side of the form has boxes for the names, addresses, and TINs for both the Payer and the … Read more

Who Receives a Form 1099-INT?

Change - Form 1099-INT

Form 1099-INT is used to report interest income paid to a person through savings accounts, US Savings bonds, and interest-bearing checking accounts, or in the course of trade or business. With a relativity low interest income threshold of $10, payers must issue a 1099-INT form to all parties from the previous tax year that exceed the … Read more

Who Receives Form 1099-NEC?

hands folded at computer Form 1099-NEC

What is Form 1099-NEC? Form 1099-NEC is used to report nonemployee compensation amounts to the IRS. A nonemployee is defined as a person or business who is not employed by your company, such as independent contractors, freelancers, or outsourcing companies. Alternatively, if you need to report income amounts made by employees, then you should use … Read more

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