ETAX1099BLOG

March 31st – IRS 1099 Forms Deadline and Due Dates for 2016 Tax Year

Form 1099 is series of 23 documents; the IRS refers as information returns about income. We have different types of 1099 forms (1099-MISC, 1099-K, 1099-INT and etc) that reports the various type of incomes during the year. The due date for 1099s forms is March 31st, 2017.  IRS 1099-MISC Form 1099-MISC reports all the miscellaneous income transactions, the total amount you received through the payments from a single person for your services over the year.   1099-MISC...

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...

IRS Form 1099-MISC Instructions for Recipients in 2016

The 1099-misc form is used for reporting specific payment types made in business or trade. If you are self-employed or in business, you might have to submit form 1099-MISC to both the business or the person you are making payments to and to the IRS. You can even submit form 1099 online. If you are a businessman or an individual making payments to others then it is necessary for you to remain aware of 1099-MISC instructions. IRS...

Benefits of IRS Taxpayer Identification Number (TIN) Matching

IRS TIN matching is one of the most important elements of the supplier validation procedure. TIN or Taxpayer Identification Number matching is a free service offered through the IRS services. It is one of the best practices and it is very important to match the TIN offered on the W-9 of the supplier with the TIN available on the file with the Internal Revenue Service while setting up the supplier in one’s master file. IRS TIN matching...

What are the IRS Tax Return Filing Statuses? – Find Your Correct Filing Status

If you wonder what are the IRS tax return filing statuses then it is necessary for you to know that IRS tax return statuses are important. Your tax filing status can have a major impact on the tax benefits that you receive the tax amount that you pay and the standard deduction amount. It might also have an impact on whether you need to file federal income tax return. In this case, you will need a federal...

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...

Simple Tax Tips for Filing Form 1099 Online before Deadline

There are some important steps that you need to follow when submitting form 1099 prior to filing deadlines. Some of these steps have been provided below.  Simple Steps to Filling 1099 form Before Deadlines Step 1: Gathering the Information Needed Prior to completing and submitting form 1099, it is necessary for you to have some information handy for independent contractors and the information is as follows: ·         Total compensation amount paid to the independent contractor during a...

IRS Form 1099-A: Acquisition or Abandonment of Secured Property

Reporting COD or Cancellation of Debt is a procedure involving two varied information documents and they are the IRS Form 1099-C or cancellation of Debt and the IRS Form 1099-A or Abandonment or Acquisition of Secured Property. IRS Form 1099-A is generally provided to both tax payers and tax authorities when lenders repossess, foreclose or have reasons to suspect the abandonment of property. Whether or not an individual receives any of these forms within time remaining, it...

Important Tips on Filing Form 1099 by the Independent Contractors

It is quite easy to view the IRS form 1099 as a representation of a huge liability. This is because the form reports income which has not been taxed as a withholding. It can be unpleasant for individuals to receive form 1099. However, it is important for individuals to set aside the right part of their income during the year ion order to make the payments for their taxes by submitting form 1099. It is also to...

What to Do? If You Didn’t Receive a Form 1099?

If you are an independent contractor or a small business owner you should have received a 1099 form from the IRS for the work you have done. So what should be done if you don’t receive one? As a small business owner or business contractor, if you earn over $600 form any individual or company, the said individual or company is supposed to issue an IRS 1099 MISC form for the work you have done. This form...