ETAX1099BLOG

Choose Your IRS 1099 Form for Reporting Your Tax Return

The multifaceted IRS form 1099 happened to be one of the IRS’s important mirrors in its ongoing effort to showcase the defaulters as main part of income tax return program so as to prevent potential taxpayers from underreporting or misreporting their income. An “information return” can be taken as not be a tax return as according to the experienced tax professional serving IRS. But as an alternative, it is a form 1099 that provides the IRS with...

IRS Form 1099-K for Credit Cards and Merchant Cards

Form 1099-k is needed to be reported by the merchant card companies and third-party networks and they are normally called as Payment Settlement Entities or PSEs. This primarily concerns retailers who use online means for transactions as well as affects businesses that have the substantial credit card, debit card or other financial transactions conducted by a third-party payment processor. The receivers of this form 1099-K are those who have accepted payments through payment cards like credit cards,...