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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...

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...

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...

What are the Due Dates for 1099 Forms in 2016 Tax Year

Prior to knowing the due dates for 1099 forms 2016 to 2017, it is necessary to know what are IRS 1099 forms especially the ones being described here- Forms 1099-MISC, 1099-K and 1099-INT.  1099 Deadline: 1099 Filing and Submitting Due Dates   March 31st, 2017 is 1099 due date for filing 1099 forms electronically. 1099 MISC due date is on or before 31st January 2017 when reporting nonemployee payments in Box 7. If the deadline for 1099 form...

What Happens if You Forget to E-File a 1099 Tax Form

It is necessary for you to get form 1099 if you receive money from a government or business entity during the year which is reportable on your taxes. File 1099 online by taking the services of various online filing service providers. However, prior to considering to e-file 1099 make sure that you have a basic understanding of the form. It is in no ways a tax document but an informational form that needs to be filled out...

Understanding about 1099-K Tax Form Reporting Requirements

1099 K form is basically an IRS information return which is used for reporting some payment transactions for improving voluntary tax compliance. IRS 1099 K needs to be received by 31st January in the prior calendar year of receiving payments: From payment card transactions like credit, debit or store-valued cards.  In the settlement of third-party payment network transactions more than minimum reporting thresholds of gross payments exceeding $20,000 and above 200 transactions. Form 1099 Reporting Requirements The...

Should Know the ABCs of Issuing Form 1099 Electronically

There can be absolutely no doubt in the fact that there are several critical things to remain aware of when preparing to issue form 1099-MISC. This actually means that organizations really need to think properly about this form. They need to have a clear understanding of the entire procedure and the purpose of this form. The IRS form 1099-MISC is a form with which the IRS gets the flexibility of tracking and even receiving all the money...

Understanding Form 1099 – Some Non-Profit Tips

Form 1099 can be taken as a vague IRS term. This is because there are different varieties of IRS 1099 forms. All the different forms have different purposes based on varied activities. Therefore, there are different filing requirements when it comes to IRS form 1099. Any tax-exempted organization that is required to file the IRS 1099 form needs to consider different factors in this procedure. The type of form that the organization is required to file is...

Need to Know Everything About Federal IRS 1099 Form

Federal form 1099 is basically a tax form which is used for reporting income received by an individual. This income needs to be reported on an individual’s tax return. A proper 1099 form is sent to the IRS by the payer and the copy of the form to the individual who receives the payment in the form of income. There are different types of 1099 with each type being designated by one or more than one letter...