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
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
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
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
What is TIN Matching? TIN Matching is a online service from the IRS that allows users to validate the legal name and TIN listed on
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
The IRS requires that companies obtain a vendor’s TIN (Taxpayer Identification Number) before making a payment to them. The TIN is normally either a vendor’s
The potential for IRS backup withholding penalties should not be ignored! They are assessed by the IRS at 24% of everything you have paid to
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
IRS updates backup withholding CP2100 and CP2100A notices On November 14, 2019, the IRS issued a statement that they had redesigned the CP2100 and CP2100
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