Latest articles on Form 1099 news to stay on top of your employer requirements. Top articles include but not limited to, common mistakes employers make when issuing forms, how to gather information, and who should receive a 1099.
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
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
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
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
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
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
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
In addition to IRS filing requirements, many states have Form 1099 Requirements as well. The Combined Federal/State Filing (CF/SF) Program was created and implemented to make filing certain information returns easier and simpler for the filer. What is the Combined Federal/State Filing Program? The CF/SF program was established to simplify information returns filing for payers. … Read more
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
Does Pennsylvania require state 1099 tax filing? Yes, Pennsylvania requires certain forms 1099 to be filed with the Pennsylvania Department of Revenue. Which forms does Pennsylvania require? In addition to Forms 1099, Pennsylvania requires Form REV-1667, Annual Withholding Reconciliation Statement, to be filed. If submitting a paper filing, a form 1096 must be included as well. How must Forms … Read more
The end of the 2023 tax year means that the 2024 filing season is just around the corner! This guide was created to help you avoid missing the 2024 Form 1099 Deadlines. Basic Information When each tax year, or calendar year, comes to a close employers must ensure that they meet all IRS tax requirements … Read more
Does the District of Columbia require state 1099 tax filing? Yes, the District of Columbia requires many types of form 1099 to be filed with the District of Columbia Office of Tax and Revenue. How must Forms 1099 be filed with the District of Columbia? The District of Columbia accepts both paper filing and e-filing. … Read more
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