The Internal Revenue Service (IRS) has introduced a new draft of a form called Form 1099-DA. This form is important because it helps report digital assets like Bitcoin, Ethereum, and other cryptocurrencies. Let’s understand what this new form is all about and why it matters. What is Form 1099-DA? Form 1099-DA is a special document […]

Introduction An independent contractor is someone who works for themselves. They offer services to businesses or individuals. Unlike employees, they are not part of a company’s staff. Instead, they work on a project-by-project basis. One key thing to know is that independent IRS form 1099 receives an IRS Form 1099. This form is important for

You betcha! Tax season can be a real headache, worse than wrangling cattle in a summer storm if you ain’t got all your paperwork squared away. Especially if them fancy forms, the Form W-2 and Form 1099-R, are missin’ or got the wrong numbers on ’em. But hold yer horses! This here article lays things

Form 1099 is a blanket term for a series of IRS information return forms used to report various types of income other than wages, salaries, and tips (which are reported on Form W-2). These forms are used to inform the IRS and the recipient about income received throughout the tax year. Here’s a breakdown of

As the clock ticks closer to the May 17 deadline, taxpayers across the United States are urged to take action to claim their share of over $1 billion in tax refunds for the 2020 tax year. Additionally, individuals and businesses in the Wrangell Cooperative Association of Alaska Tribal Nation who were affected by severe storms,

In the intricate web of tax compliance, one document often raises eyebrows and sparks confusion: the Form 1099-K. Commonly associated with online transactions and digital payments, the Form 1099-K plays a pivotal role in ensuring accurate reporting of income to the Internal Revenue Service (IRS). However, myths and misconceptions surrounding this form abound, leading taxpayers

In the realm of taxation, even the slightest adjustments in interest rates can have significant ramifications for individuals and corporations alike. The recent announcement by the Internal Revenue Service (IRS) regarding its decision to keep interest rates unchanged for the second quarter of 2024 is therefore an event of considerable importance. In this comprehensive analysis,

In the labyrinth of tax regulations, keeping abreast of various forms and updates is pivotal for businesses and individuals alike. Form 1099-K often emerges as a subject of confusion and curiosity among these forms. Whether you’re a freelancer navigating the gig economy, a small business owner managing transactions, or a consumer making purchases online, grasping

Washington, D.C. – The Internal Revenue Service (IRS) proudly declared the successful accomplishment of the primary objective under the groundbreaking Paperless Processing Initiative, initiated with great ambition in August 2023. This innovative initiative aims to revolutionize the tax filing landscape by providing a seamless, digital avenue for taxpayers while concurrently diminishing the IRS’s dependency on