Filing IRS Form 1099 can seem daunting for small business owners, freelancers, and payers of miscellaneous income. With the introduction of new rules under the One Big Beautiful Bill Act (OBBBA) 2025, understanding your obligations and filing correctly is more important than ever. In this guide, we will break down key terms, explain penalties, and […]

The update issued on October 23, 2025, has prompted concerns among taxpayers who receive payments through Third Party Settlement Organizations (TPSOs). Many are wondering whether the revised reporting rules mean they will be exempt from receiving Form 1099-K if their gross payments are $20,000 or less or if their annual transactions do not exceed 200.

Thanksgiving is a season dedicated to gratitude and reflection. As the year draws to a close, it is also an opportune moment for businesses, accountants, and self-employed professionals to review their tax obligations. Timely preparation and submission of Form 1099 are essential to maintain compliance with IRS regulations and to avoid potential penalties. The Importance

As tax season approaches its final stretch, businesses and individuals must act quickly to meet the Form 1099 filing requirements. When deadlines close in, delays can lead to penalties, compliance issues, and unnecessary stress. Filing your Form 1099 on time ensures smooth reporting, accurate documentation, and readiness for IRS review. Why the Deadline Matters The

Form 1099-S is used to report the sale or exchange of real-estate property in the United States, which includes land, buildings, houses, condominium units, cooperative housing shares, ownership interest and even standing timber. When a real-estate transaction is closed, the person filing it is required to present the necessary information to the IRS in form

Form 1099-INT is used to report interest income paid during the year. If your business pays interest to individuals or other businesses, you may need to file this form with the IRS. Filing on time helps avoid penalties and keeps your records accurate. Below is a step-by-step guide to understand who must file, what to

Regarding the 2026 tax year, the internal revenue service has affirmed that the form 1099-K filing regulations would be maintained with the current, more elevated thresholds. Several companies were looking forward to the fact that the $600 limit would be introduced in 2026, and a new law, which is also known as the One Big

The timely and accurate filing of Form1099-DIV is an important requirement of any business or financial institution which makes dividend or other distributions. Even a small mistake or a lagging filing may lead to fines imposed by the IRS, which is aggravating and expensive at the same time. A secure and inexpensive e-filing system like

Form 1099-R is used to report on distributions that occur as a result of pensions, annuities, retirement or profit, and sharing plans, IRA, and insurance contracts. In case these payments or receipts are received or paid in 2025, the filer shall file Form 1099-R to the IRS and also furnish copies to the recipients by

When a lender acquires ownership of a property through a foreclosure or repossession, or when a borrower surrenders a property, it is the responsibility of the lender to provide notification to the IRS in the form of Form 1099-A. Title “Acquisition or Abandonment of Secured Property,” which ensures that lenders as well as borrowers are