1099-misc

For tax analysts, the beginning of a new tax year always brings along a series of changes in the fillable form 1099 misc reporting. These changes can affect how many 1099 Tax forms a business must send to the IRS and to what extent. The Internal Revenue Service pushed a lot of reporting deadlines back. Specifically, the initial due dates for reporting non-cash compensation for individuals and entities are until January 31st without box 8 & box 1o payments. And, February 15th, 2022 for the payments reported in boxes 8 & 10 respectively. The new rules are designed to provide …

What are the fillable Form 1099 MISC reporting changes the tax-teams faces year-end? Read More »

Do you know 1099 Information returns can be used to report attorney payments? Yes, businesses can EFile 1099 MISC to report attorney payments to the Internal Revenue Service. As per the IRS rules and guidelines, report the payments made to attorneys only if the attorney is not an S or C corporation member. For example, if the attorney is an LLC, then the IRS requires to report the payments on the 1099 MISC Form Tax Return. What do you mean by “1099 MISC Gross Proceeds”? Gross proceeds are the payments made to attorneys for performing services on the course of …

What are Gross Proceeds & Why to EFile 1099 Misc for Gross Proceeds? Read More »

You can use a 1099 form to report payment for services rendered apart from regular salaries. According to the IRS, every payer who paid the individual contractor $600 or more must File a 1099 MISC Tax Form. The benefits of the Filing 1099 Tax MISC Form are explained below. If you hired a new contractor and got his services & paid $600 then you are supposed to File a 1099 MISC Form Online. Do you know where to send a 1099 Form? The filed 1099 MISC Form needs to be sent to the IRS and also to your hired contractor. …

Benefits of Filing 1099 Tax MISC Form Read More »

Can I Issue Form 1099 MISC & 1099 K to the same person? Have you paid a person as other income of $600 during the tax year? Are the payments made are through a debit card or credit card basis? Then you’ll issue both the 1099 MISC Form and the 1099 K Tax Form to the recipient. Getting confused about why to issue both the Forms? Don’t worry! We are here to clear your confusion. We provide you with information regarding payments reported on the 1099 K Form & the Printable 1099 MISC Forms. Table of Contents What do you …

Can I Issue Form 1099 MISC & 1099 K to same person? Read More »