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10 Best Practices for 1099 Compliance in 2021
10 Best Practices for W-9/1099 Compliance in 2021 Organizations are required to report certain “reportable” payments made in the course of their trade or business to the IRS. This process is known as “Information reporting”. There are over 30 information tax returns that are required to be submitted to the IRS. This process allows the IRS to cross-check the income reported from these organizations with the income reported on an individual and entity’s tax return. This in turn helps increase the likelihood
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Get ready for the new 1099-NEC and changes to 1099-MISC filing
New Form 1099-NEC The IRS has made big changes to the 1099-MISC form by reviving the 1099-NEC form. Beginning with the 2020 tax year (to
Avoid the penalty, 1099-MISC and 1099-NEC due dates for 2021
The importance of filing timely The IRS has gotten serious about 1099-MISC and 1099-NEC due dates. Penalties have risen significantly and they apply separately to copies sent
Penalties – failure to file correct information return by the due date
If you fail to file a correct information return (like a 1099-MISC) by the due date and you cannot show reasonable cause, you may be
Are corporations exempt from 1099 reporting?
Are corporations exempt from 1099 reporting? When are corporations exempt from 1099 reporting? I worked as a controller for both large and midsize companies and
What is a 1099-MISC form?
The 1099-MISC form is known as an “Information Return” Form 1099 is one of many forms that the IRS requires to be sent to individuals
Always get a W-9 before paying your vendors!
Getting a W-9 form before you make the first payment to a new vendor or independent contractor is critical and will save tremendous time at
How to fill out a W-9 form
What is a W-9 form and why is my customer asking for it! So one of your customers has asked you to complete a W-9
What is a TIN number?
A Taxpayer Identification Number (TIN) is an identification number used by the Internal Revenue Service (IRS) in the administration of tax laws. It is issued
IRS Launches Gig Economy Tax Center
This past week the IRS launched a brand new Gig Economy Tax Center on IRS.gov to help people working in the gig economy understand and