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Efile IRS Tax Form 1099 Online | Electronic filing of form 1099 Made Easy

Etax1099.com is the IRS authorized efile provider for 1099 tax forms. It comes from a series of tax e-file services provided by yakshna solutions inc, which is a leading provider in the tax industry. There are customized packages available for tax professionals as well as individual filers to report their form 1099's with ease. It provides bulk filing features and customer support over phone, chat and email.

File form 1099 with etax1099 today !

Trump's New Tax Plan and Tax Cuttings in 2017 - How it Effects You

Posted by Admin on 3. June 2017 10:58

President Donald Trump’s campaign tax proposal has got some additional details with Treasury Secretary Steven Mnuchin and National Economic Council Director Gary updates in April 2017 which is listed below:


  • Recently updated tax proposal eliminates all the itemized and regular deductions (like home office deductions, state and local) which are the part of current tax code excluding the mortgage interest and charitable deductions.
  • The standard deduction will be twice to the offset the elimination of any other deductions and aims to simplify the tax filing process and usage of itemized deductions.
  • Revoking the Alternative Minimum Tax (AMT), 3.8% health care investment tax obligatory under Obama care and estate tax.
  • Trump’s tax plan additionally has 3 tax rate brackets, but there is a change in the level that differs from the prior proposal. It will be 10%, 25%, and 35%, hence the top tax bracket rate of 39.6% will be eliminated.
  • On the first $13,000/ $ 24,000 of income, there will be no taxes for single or married standard deduction.
  • The tax plan also includes tax relief for families with child care expenses.
  • Corporate rate will further come down to 15% and can expect a repatriation tax on funds for the companies that hold overseas.
  • It is assumed that the higher economic growth will offset the lower tax revenues. But the details are spelled out for the next year as the tax reform package is worked by Congress.

 

When you go through the above tax plan, it seems to have tax breaks for the rich people, but the controller of administration says that the changes in the tax plan would surely benefit the middle-class people.

 3 most attractive features that you can see in this Trump’s plan could be:

1.    1. Reduced corporate tax rate by 15% which is an expensive proposal.
2. Pass through provision will make any professionals to set up their legal tax-shelter.
3. Changes to the individual tax code

Assuming that the tax plans will get passed by the Congress, but most of the tax changes which are brought by President Trump will go effectively from 2018 as the tax plan for the 2017 year has been established already.  On the other hand, the houses of Republicans also have come up with a tax plan in order to cut personal and corporate taxes. But when compared with the proposed tax plan of the President, this is not found to be aggressive.

To get the proposed tax form across all the branches of the government, tax plan agreement must be compromised. This is because the President’s administration has not laid any actual plan to pay for the tax cuts and also there are no proposed net spending reductions to offset of Trump’s tax plan of $7 trillion cost.

According to the sources and when checking the proposed tax plan of President Trump, the tax plan will be more advantage for the middle-class people as they could find modest tax savings. On the other hand, the premium class taxpayers can see most in savings by lowering the highest marginal tax rate, increase in tax reduction and a repeat of the Alternative Minimum Tax.

On the whole, this proposed tax plan might increase the deficit by $10 trillion after 10 years. But reconciliation rules mention that law cannot increase the deficit over a decade by a single dollar. In short, middle-level tax-payers can foresee good tax savings whereas the high-income earners will be taxed heavily.

Complete PDF about TRUMPS PLAN

Stay tuned with etax1099 to get the updates of Tax Reform That Will Make America Great Again! And don’t forget: you can now e-file your quarterly business taxes on Forms 1099  with ETAX1099.com

 

 

 

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

Posted by Admin on 31. March 2017 02:25

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 Deadline and Due Dates

  • Recipient copy by January 31, 2017
  • IRS Paper Filing - Box 7 by January 31, 2017
  • IRS Electronic Filing – Box 7 by January 31, 2017
  • IRS Paper Filing – Other Boxes by February 28, 2017
  • IRS Electronic Filing – Other Boxes by March 31, 2017

IRS 1099-INT Form

1099-INT form reports all interest income from banks, financial institutions, government agency, and brokerages. You may have to report income tax on interests of these received payments. 

1099-INT Deadline and Due Dates

  • Recipient copy by January 31, 2017
  • IRS Paper Filing by February 28, 2017
  • IRS Electronic Filing by March 31, 2017

IRS 1099-K Form

1099 K form is used for reporting some payment transactions (debit, credit, third-party payment network transactions) for improving voluntary tax compliance. 

1099-K Deadline and Due Dates

  • Recipient Copy by January 31, 2017
  • IRS Paper Filing by February 28, 2017
  • IRS Electronic Filing by March 31, 2017
Today Efile your 1099s or ACA forms with IRS and avoid late fee or penalties. 

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

Posted by Admin on 30. March 2017 03:48

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 filing falls on Saturday, Sunday or any legal holiday, it might be filed on the following business day. This due date applies to all 1099 forms including 1099-K form and 1099-INT form. It is necessary for you to keep in mind that in order to e-file form 1099-MISC or any other 1099 form it is important for you to have the software for generating a file as per specifications in Publication 1220.

1099 filing deadline

 

What is 1099-MISC Form?

The 1099-MISC form is frequently used by companies for reporting payments to vendors providing them their services. The form contains a total of 10 boxes for reporting different amounts paid to the vendors. However, companies made use of Box 7 for nonemployee compensation. The 1099-misc form is basically used for the purpose of reporting payments to small service companies and self-employed individuals. Examples of such companies and individuals include cleaning services, graphic designers, grass cutting services, freelance writers, forum moderators, web developers and other service providers. The 1099-misc form is also used for the purpose of reporting the payments made to partnerships, attorneys, and unincorporated business service providers.

1099-MISC Deadline (1099-MISC Due Dates)

  • Recipient copy by January 31, 2017
  • IRS Paper Filing - Box 7 by January 31, 2017
  • IRS Electronic Filing – Box 7 by January 31, 2017
  • IRS Paper Filing – Other Boxes by February 28, 2017
  • IRS Electronic Filing – Other Boxes by March 31, 2017

What is 1099-INT Form?

The IRS 1099-INT form reports the interest earned from different accounts like US savings bonds, interest-bearing checking accounts, and savings. 1099-INT form identified the difference between dividends and interest, which are directly reported on 1099-DIV form. The recipients who do not qualify to get a form have the obligation of reporting their income as per regulations by the Internal Revenue Service.

1099-INT Deadline (1099-INT Due Dates)

  • Recipient copy by January 31, 2017
  • IRS Paper Filing by February 28, 2017
  • IRS Electronic Filing by March 31, 2017

What is 1099-K Form?

The 1099-k form is filed by PSEs or Payment Settlement Entities for the payments which are made during the settlement of a payment transaction that is reportable. These payments include the ones made by way of payment cards like debit, credit and even gift cards or cards through third party network.

1099-K Deadline (1099-K Due Dates)

  • Recipient Copy by January 31, 2017
  • IRS Paper Filing by February 28, 2017
  • IRS Electronic Filing by March 31, 2017

Two Crucial Dates for Issuing Form 1099-MISC

There are two crucial dates for issuing form 1099-MISC and it is very important to remember both the dates. One date is for mailing form 1099-MISC to the recipient and the other date is for reporting it to the Internal Revenue Service. Both these dates are of prime importance failing which there are strict penalties. There is one thing that can be done to keep the dates in mind and that is using an online tax filing service for the entire procedure. Today Efile your 1099 Forms and Avoid Penalities. 

How to Avoid Major Mistakes When Filing 1099 Form Online

Posted by Admin on 16. March 2017 03:45

It is quite common to make mistakes in the 1099 filing procedure. There are many mistakes that the filers are found making in common when they choose to efile 1099. Here, you will come across some mistakes in the 1099 form filing procedure. All recognized characteristics have properly been removed for protecting the filers. 

How to Avoid Top 8 Mistakes in 1099 Filing Process 

Here we provided common mistake when you are efiling 1099 form online.

1. Wrong Way of Filing the Corrected Form

This is one important mistake that should be taken care of when filing form 1099 online. When filing corrected form 1099, make sure to check the box that has been marked “CORRECTED” right at the top of the form. This mistake is being pointed out here because it is quite easy to miss checking the box.

2. Typos in Name and TIN

The IRS checks the name and the TIN against its database. When the IRS finds that the information provided on the 1099 form is not matching its records, it does not switch characters around or try several combinations of making a match. The IRS issues a CP2100A or CP2100 resulting in the penalty up to $230 for the tax year. However, the IRS is well aware of honest mistakes and offers some method to the filers for contesting penalties and providing information correctly. Still, it is necessary for you to double check the name and the TIN.

3. Which Box is Correct?

When carrying out 1099 electronic filing it is necessary to know which box is right and which is wrong. Therefore, it is very important for you to take the services of an accountant who might be of good help. This is because most of the times it happens that people do not have relationships with the recipients who got the payments.

4. Your State might require 1099 Online Filing

Depending on the State where you live, your State might have 1099 filing requirement. There are States that take information off from the federal form by way of Combined Federal State Filing Program. The states that take the SF/CF information might require separate 1099 filing in the case of withholding. Other states might need separate filing like sending in CD-ROM, e-filing or paper filing. Therefore, it is important for you to check with the state that you live in if you do not have any idea about the 1099 file online procedure. However, the requirement should not be ignored.

5. Are you the Payer?

The taxpayer is one who makes payment and the recipient or payee is one who receives payment. Form 1099-MISC has separate columns for both. Getting them backward means having to fix them eventually with the Corrected form.

6. Missing 1099 Deadline

Remember, there is a due date for form 1099-MISC but this does not mean that you must rush with the filing procedure. Planning is very important. March 31st is the due date for 1099 forms and now plan accordingly.

7. Avoid Attempted Fraud

Any kind of unnoticed attempted fraud should be avoided as this is a mistake that the Internal Revenue Service will take steps over.

8. Slow Down

Take a good time in filing form 1099-MISC. Try to complete all the important steps by providing correct information.

IRS Form 1099-MISC Instructions for Recipients in 2016

Posted by Admin on 8. February 2017 03:38

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 form 1099-MISC instructions will help you in completing and submitting Form 1099 in the best way possible without making any mistakes.

When is Form 1099-MISC Needed?

Trading companies and business will have to fill out a 1099-MISC form for independent contractors, individuals and subcontractors and others in circumstances where:

Payment of $600 or more is made for:

·         Crop insurance proceedings

·         Cash payments to fishermen

·         Proceed payments made to lawyers

·         Health and medical care payments

·         Awards and prizes

·         Services like materials and parts

·         Rents and various other payments type not covered under any other document that reports all sorts of financial information.

Payment of $10 or more is made for:

·                       ·    Royalties, and

·                       ·    Broker payments in lieu of tax-exempt interest or dividends

Such payments need to be reported if the individuals receiving these payments are not corporations. In other words, these payments should be reported if the recipients are partnerships, individuals or limited liability companies treated as sole proprietorships or partnerships. Other different payment types made to corporations need to be reported by making use of Form 1099-MISC.

Form 1099-MISC Instructions- Steps for Preparing Form 1099-MISC

It is necessary for you to request that your contractors, vendors and other recipients of payments submit Form W-9 to you. Form W-9 is important because it will give you the legal address, name and the taxpayer identification number of the vendor. This information is of great importance because it is needed when preparing 1099-MISC form. Further in the form 1099-MISC instructions category, it is necessary for you to keep a track of all the payments that you make in a bookkeeping system. It is important that you know whether the payments fall under the categories that have been listed above. It is also necessary that you know whether the payments that you make to recipients reach the $600 or the $10 threshold. Finally, you must also have an idea about the specific amount that you pay to a recipient during a calendar year.

1099-MISC Deadline and Penalties for Late Filing

 

You must provide the payment recipient with a copy of Form 1099-MISC by February 1, 2017. The payments should be reported for the 2016 tax year. The IRS should receive Form 1099-MISC by February 28, 2017. You also have the option of filing Form 1099-MISC electronically by March 31, 2017. A 30-day extension for filing 1099 forms with the IRS can be requested by businesses. They can request the extension and file their 1099s using 8809 Form. It is to be noted that an extension should not be treated as the permission to use additional time for providing a recipient with form 1099.

If you are unable to follow the form 1099-MISC instructions properly, you are likely to make mistakes and even fall prey to the penalties of late filing form 1099-MISC. The penalties are as follows:

  • $60 penalty for late payment of form 1099 by 30 days and prior to 1st August.
  • $30 penalty for late payment of form 1099 by 30 days
  • $100 penalty for filing 1099 on or after 1st August.
  • $250 penalty for international filing failure.

When is Form 1099-MISC Due? Who do I send it to?

Posted by Admin on 31. January 2017 06:34

Every business needs some kind of help. Businessmen generally hire people for different operations. For example, graphic designers are hired for creating logos for the business and customer service agents are hired for dealing with the sales. If these individuals are used in the form of contractors, they should be given form 1099-MISC. IRS 1099 MISC form is used by the IRS for businesses to report the payments that they make to people who are not employees but who have been paid in exchange for their services. 


When is 1099 MISC Form Issued?

1099 MISC form is issued to someone in following situations:

  • The contractor is paid $600 or more in 2016 tax year.
  • Minimum $10 is paid in broker payments or royalties in lieu of tax-exempt interest or dividends.
  • $600 or more is paid for services, rents, awards and prizes, health care and medical payments, other income payments, cash payments and payments made for the national principal contract to estates, individuals or partnerships.
  • $600 or more is paid to a lawyer

IRS 1099 MISC is also used for reporting direct sales of minimum $5,000 of different consumer products to buyers for resale anywhere excluding permanent retail establishments. In addition to this, you will have to file form 1099-MISC for every individual from whom you have withheld some kind of federal tax income under backup withholding regulations irrespective of the amount you have paid.

10999 MISC Filing Due Date 2016 tax year

The 1099 MISC should be in the hands of the recipients by 31st January 2017. Nevertheless, if any substitute payments have been made in lieu of any proceeds or dividends to a lawyer, you have time till 15th February 2017 for getting the 1099 forms in the hands of the recipients. An important factor to consider in this circumstance is the mailing time. In case you are filing form 1099-MISC manually and you find no data in Box 7, you have time until 28th February 2017 for getting Copy A to the IRS. You have got time till 31st march, 2017 for getting Copy A to the Internal Revenue Service if you are filing form 1099-MISC electronically and you do not find any data in Box 7. In all circumstances, it is necessary for you to have the correct idea about 1099 MISC deadline. The 1099 MISC filing deadline is important in order to avoid penalties.

Who do I Send Form 1099-MISC? 

As per 1099-MISC instructions, you need to issue the form 1099-MISC to every individual who has received a payment of minimum $600 in services, rents, awards, prizes and other income payments. There is no need to e-file 1099 for personal uses. 1099 online filing is one of the best options that you can go for.

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

Posted by Admin on 27. January 2017 02:55

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 by an individual if he or she receives money during the year of reportable taxes. There are different varieties of 1099 forms and 1099 reporting to the IRS is very important. This is because with this kind of reporting the government is informed about the income you have even if you do not mention it in the tax return. However, if the IRS discovers that you have not reported additional taxes owed in the form, it will send notifications and charge penalties along with interest beginning right from the first day of the late tax payment.

Penalties for Not Filing a 1099 forms

The types of 1099 forms you may receive are as follows:

 

·         Form 1099-INT; informs the IRS about payers of interest income.

·         Form 1099-K; an IRS reports the payment card and third party network transactions.

·         Form 1099-MISC; reports payments to independent contractors. 

 

Efile your 1099 forms without penalties and late filing fee by January 31, 2017, for 2016 tax season.

 

Failure to E-File on Due Dates

The IRS will penalize companies for not filing 1099s before due date and for incorrect 1099s forms. Companies/Individuals should issue all 1099 forms including 1099-MISC forms by January 31 for the previous tax year. IRS 1099-K and 1099-INT forms are must issue by January 10. If filing by paper, businesses must file these 1099 forms with the IRS by February 28. If filing electronically, companies must e-file the 1099s with the IRS by March 31.

Penalty for Making Late Payments

There is a definite penalty for not filing 1099 and even for making late payments. You can always expect the Internal revenue Service to impose a penalty for late filing 1099. This penalty is around 0.5% per month or partial month during which the taxes remain unpaid. The penalty is generally capped at 25%. In case 1099 earning that you complete forget to mention on your tax return gives way to an understatement of the tax bill, the penalty for 1099 late filing increases to 20% accruing immediately. Therefore, if you are looking to avoid a penalty for not filing 1099-MISC then it is necessary for you to amend your tax returns. Make sure to go through the form carefully and include all taxes owed.

How to Correct a 1099 Form? Steps for 1099 Corrections

Posted by Admin on 20. January 2017 02:49

Form 1099 is basically an IRS or Internal revenue Service form that can be used by the taxpayers for reporting certain payments. There are different varieties of this form available for business owners and common individuals ranging from letters A to SA. Nevertheless, it is important for business owners to make use of Form 1099 MISC for reporting the money that they pay to the independent contractors. This form carries information regarding the business and independent contractor that is being paid the money. In the case of any error in the form, it is necessary for an individual to go for 1099 correction at an instant. There is a definite 1099 corrections deadline within which the revised form should be submitted to the Internet Revenue Service, independent contractor, and the state agencies.

how to correct 1099 form

How to Correct 1099 MISC Form?

1099 misc correction involves identifying the type of mistake or error as the first step. The 1099 correction form errors are of two types and they are Type 1 and Type 2. Type 1 error is incorrect payee name, code or dollar amount and Type 2 error is incorrect or missing taxpayer identification number. It can also be the reporting of an invalid address. Once the type of error is detected, the following steps need to be adhered to for correcting the erroneous information on the form.

  • Confirming the error type.  
  • Referring the original 1099 MISC during the corrections. Right information needs to be included as available on the original form.
  • Obtaining another 1099 form MISC from IRS.
  • Obtaining form 1096 from IRS which summarizes 1099 information.
  • Entering the correct information and checking the”corrected” box right at the top of the form.
  • Completing the correct information on 1096 form.
  • Mailing the revised copy of the form to the IRS and independent contractor.

 

Benefits of IRS Taxpayer Identification Number (TIN) Matching

Posted by Admin on 12. January 2017 03:59

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 eServices. 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 Ialtnternet Revenue Service while setting up the supplier in one’s master file. IRS TIN matching program was brought into action for the taxpayers of Form 1099 earnings. However, it was subject to backup withholding provisions of section 3406 (a) (1) (A) and (B) of IRC or Internal revenue Code. Before filing an information return, the program participant might check the TIN that is provided by the payee against the TIN combination or name contained in IRS database. This database is maintained for the TIN program.

 

1099 TIN matching programBenefits of TIN Matching Program

Companies submitting IRS 1099 forms to Internal Revenue Service can highly benefit from the use of the TIN number search program. This program is basically a completely free of cost service that can be accessed by an authorized individual. On the part of the IRS, the individual is not informed about the right TIN but he or she is informed that the TIN and the Name combination submitted is incorrect. The main purpose of this program is helping individuals avoid any kind of mismatches. One of the major benefits of this program is that it gives individuals the flexibility of preparing forms 1099 in the best way possible. This helps individuals in saving penalty potentials by responding on time.

Areas Covered in the TIN Program

The areas covered in the program include:

·        ·      Basic know-how of IRS e-services

         ·     TIN matching

 

·          ·       The process of applying for the use of IRS e-services.

·          ·       The right time for using TIN Matching


 

Benefits of Filing 1099 Taxes Online with Etax1099.com

Posted by Admin on 19. December 2016 04:42

Etax1099.com is an IRS authorized efile service provider for filing 1099 taxes online. Etax1099.com offers customized services for filing 1099 taxes for the tax professionals and even for the individual filers reporting their 1099 forms with great ease.


Why Take the Services of Etax1099.com?

Etax1099.com offers filing features in bulk and even offers customer support on the phone, email, and chat. It is very easy to efile 1099 using the efiling services of Etax1099.com. This is a form that reports income or earnings that have not been taxed in the form of a withholding. The individuals who receive this form suffer from great disappointment. Nevertheless, it is necessary for the individuals to set aside some part of their earnings annually for making the payment for taxes on 1099 form. It is also important to understand that 1099 form can even complicate tax returns of individuals. This is due to the fact that the method of tracking different types of taxable earnings can be very difficult. Therefore, it is always a good idea to take the services of Etax1099.com for filing 1099 form online

Major Benefits of Efile 1099 Forms with Etax1099.com

One of the major benefits that individuals get when they file 1099 online with Etax1099.com is that they get the advice of experienced tax payers. This is highly beneficial for all those individuals who are completely new to filing 1099 form. Experienced taxpayers are able to provide the complete details of the entire procedure that needs to be followed in paying the taxes. They also help individuals with ways that they can use for avoiding the payment of penalties in case of late payments. Apart from this, individuals also get the scope of deciding on the right tax filing process as advised by Etax1099.com. This is important because on the part of the taxpayers it is necessary to be diligent and careful when it comes to making the right choice of the best tax online filing service provider.

Register for free today to Efile your 1099 forms with ETAX1099.com