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What To Do If You Receive a 1099-K Notice From the IRS?

Form 1099-K is an information return, which is provided to the merchants who have 20,000 or more transactions and summing more than $ 200,000 during the tax year through debit or credit cards, else through electronic payments like Paypal. Financial institutions like a bank will process the payments and send a copy to the Internal Revenue Service. The IRS has started utilizing the information on the Form 1099-K to question if the merchants are reporting their income...

How to Correct 1099 Forms Already Transmitted to the IRS?

To err is human. Everyone out there makes a mistake at some point in time. However, the ultimate thing is to correct the committed mistake. As a tax filer also you can commit some mistakes while filing 1099 tax forms. It is common and the IRS understands the situation better and gives a chance to correct the submitted forms. There may be a condition where you find the mistake after submitting the form to the IRS. So...

1099-MISC Form for Reporting Self/Non Employee Income

_he 1099-MISC form is to report the miscellaneous income earned during the 2018 tax year. This is also referred to as “non-employee income” to the Internal Revenue Service (IRS). This is the annual wage report form, this must be prepared, given to the employees and report to the IRS for the prior tax year. Non Employee Income Reporting on 1099-MISC The term “non-employee” is used by the IRS, which includes someone who offers their services to another...

1099 Corrections and Penalties for Electronic Filling

Generally, the IRS wants the taxpayer to ensure that all the information provided on 1099 forms are accurate and filed on time. Though the penalties are mainly for the errors on the forms the IRS also fines for late submission of forms, missing documents in forms, or incorrect taxpayer details. Penalties for Failing to File Form 1099 When you miss to file or late to file Form 1099 by the due date and you cannot prove the...

What’s New for E-Filing of 1099 Forms for Tax Year 2019?

Rules and regulations for filing 1099 returns get revised every new year and it’s quite important for every individuals, corporate, organizations, and institution who are liable to pay the taxes to be aware of these changes. Below listed are a few changes that are going to be implemented in this new year i.e. 2019 on wards that involves 1099-MISC and 1099-K. New Rules for Filing 1099-MISC and 1099-K Forms Beginning January 2019, the IRS will implement its...

How to Save Money with New Tax Deductions 2019?

The new tax reform 2019 by Trump has had a tremendous impact on the taxes that one has to pay each year. Especially for freelancers or independent contractors. Major changes that have affected these 1099 workers are the increment of standard deductions and decrement of itemized deductions. Another major change that has happened is the 20% pass-through deduction that is now available to practically every person other than a traditional employee. Due to these reforms, the standard...

Due Date for Reporting Form 1099-MISC Box 7 Non-employee Compensation

Legislation pertaining to information returns and part of this legislation advances the tax filing due date for the Form 1099 MISC is recently amended by Delaware. The Form 1099 MISC is to report the non-employee compensation in the Box 7. Hence this makes the tax filing due dates in line along with the federal calendar. Form 1099 MISC with the Box 7 checked may be due on 31st January 2019 for the tax year 2018 and it...

Thresholds Change for Forms 1099-MISC and 1099-K Reporting

Form 1099 MISC and Form 1099 K reporting is looking to change the thresholds in 2019 tax year. Form 1099 MISC, is used to file miscellaneous income, at present the general threshold of $ 600 with few exceptions. The rules and deadlines for filing 1099 forms are constantly revised every tax year. Here are the few changes for the 2019tax filing season including 1099-MISC and 1099-K forms. Thresholds Change for Form 1099-K Form 1099 K is used...

IRS Reporting Requirements for 1099-MISC & 1099-K Forms

In this article, you will get an insight about the key requirements for both the Forms 1099 MISC and 1099 K, what payments to report and Where to report them? This article will help you understand more about the required information to collect before filing. There are many information returns, that is used to report the income but here we will concentrate more on the common information returns: 1099 MISC and 1099 K. 1099-MISC Reporting Requirements You...

IRS Sees Millions of Tax Returns Last Days of Tax Filing Season

A recent update from the Internal Revenue Service (IRS) states that IRS has received about 135.6 million returns for the current year following the late surge of tax filings during the end of April. It is reported that after the mid of April 2018, IRS received more than 17 million tax returns and importantly the majority of the tax filing, 13.6 million returns came through electronically. On the whole, IRS received about 135.6 million tax returns through...