support@tax2efile.com
          703-229-0326

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 !

Understanding about 1099-K Tax Form Reporting Requirements

Posted by Admin on 4. November 2016 04:59

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 1099 K reporting requirements include that:

1. All payments made in the settlement of the payment of card transactions like credit card.

2. Payments in the settlement of transactions of third party network if the gross payments for participating payee is more than $20, 000 and there are above 200 transactions with participating payee.

1099-K reporting requirements

The Verification Procedure

The verification procedure is carried out for ensuring that the tax returns are complete and correct by using the following steps:

TIN Matching Program

The TIN Matching Program which is basically an internet based pre-filing e-service can be used for ensuring that the 1099 K tax form that is submitted features the right TIN. This program allows you to carry out the verification of the TIN provided by the taxpayer against the IRS records before filing information returns.

Name Control

Name control is basically a series of characters that are obtained from the name of the taxpayer and the TIN on electronically filed returns matching the records.

Filing Procedures and Deadline

1099 form online is due for the merchants by 31st January. Additionally, this form is due to the IRS by the dates that follow:

  • ·         28th February for filing on paper.
  • ·         31st March for filing electronically.

It is necessary to efile 1099 within these dates for the proper maintenance of records and for standing up to the expectations of the IRS.

Pingbacks and trackbacks (1)+

Add comment

  Country flag

biuquote
  • Comment
  • Preview
Loading