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 […]
What to Do if the IRS Sends a 1099 Correction Notice? Read More »
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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What are the major 1099 k form changes? Are you operating a business using e-commerce platforms? Do you know the new rule implemented by the IRS? Yes, the IRS has brought a new rule to report the transactions related to goods and services on the information return forms. This acct will be enacted soon by
What Are the Major Changes the Irs Made in 1099 K Reporting? Read More »
New IRS Rules about Forms 1099 for 2020-21: Have you paid an individual not an employee? Did the payments made to the individual exceed $600? Then you need to issue a 1099 Form to the individual by the year-end. Report the income paid to the individual on the 1099 information return form and submit it
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1099 contractor taxes: Have you working as a contractor for the past few years? Have you reported income received in the prior year on your tax return? All business owners, whether they are freelancers or employers, need to have a basic understanding of paying taxes. Getting confused? Don’t worry! We will let you know how
How To Pay Taxes As a Form 1099 Contractor? Read More »
IRS Form 1099 MISC Vs new 1099 NEC: Still, using 199 MISC box 7 to report non-employee compensation? As per the IRS 2020 instructions, the taxpayer must use a new 1099 NEC Form to report contractor income. or else the IRS imposes heavy and hefty penalties. Getting confused about 1099 MISC and 1099 NEC? Don’t
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