New Form 1099 NEC: Did you pay an attorney for performing legal services in the tax year 2020? Do the payments exceed $600? Then you need to report the payments on a 1099 information return. As the payments made to attorneys for legal services considered as non-employee compensation. Doesn’t know which 1099 Form to use? […]
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Have you hired an individual to perform services on business? Did you collect the W-9 Form from them? If your answer “No”, then you need to request a W-9 Form from the contractor before making the first payment in the tax year. Read the full article for the 1099 Tax Form. Getting confused? Why collect
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Did you receive an incorrect Form 1099? Have you requested the payer to issue a correct 1099 Form? If the payer fails to do so, then the IRS may consider that you’re reporting incorrect income on a tax return. This may result in facing penalties. Getting confused? Don’t worry! We will let you know how
How to Deal with Fraudulent or Incorrect 1099 Tax Return? Read More »
Did you hire an individual to perform work in the course of your business? Does the individual perform work full-time or on a contract basis? As per the IRS, a business can hire an individual in two different ways i.e., employee and contractor. Employers manage the work performed by the employee with a costly benefits
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Did you receive an unexpected notice from the IRS? Does the notice indicate to start backup withholding taxes? The IRS sends a 1099 correction notice to the payers to correct the error and to start back up withholding taxes from the payee. Getting confused? Don’t worry! We will let you know what to do if
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How to deal with errors on Form 1099 NEC? Does the IRS reject your 1099 NEC Form? Have you e-file or paper file Form 1099 NEC? If you have an e-file information return, then it is easy to correct errors and transmit them to the IRS in minutes. Getting tensed? Don’t worry! You can correct
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5 Common mistakes to avoid Form 1099 rejection: Did you get a notice from the IRS about Form 1099 rejection? Then you need to correct the error and send the corrected information return to the IRS and the recipient. The IRS uses 1099 Tax Form information to match the contractor tax return form. Getting tensed?
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Federal 1099 Tax Form for international contractors: Did you hire a contractor? Does he/she perform work for your business? Is the contractor foreign-based? Report the income paid other than salaries or wages to the IRS timely whether you’re operating business domestically or internationally. To succeed, you require a quality team to get the work done.
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Important 1099 Tax Forms for Mutual Funds: Do you know how distributions from mutual funds occur? Usually, distributions from mutual funds occur for several reasons. Moreover, such distributions are subject to different tax rates. As we know, many mutual funds bundle most of the payouts into a single at the end of each year. Getting
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Difference between a 1099 and W-2 Form: Have hired an individual to perform work? Does the individual work as a part of your business? As per the IRS rules, if you hire an individual who is not a part of your business but performs work are “Independent contractors”. Getting confused? Which Form 1099 or W-2
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