Form 1099-MISC and Form 1099-NEC. Many employers are likely familiar with Form 1099-MISC. For years, business owners used it to report payments for rent, royalties, medical and healthcare payments and ...

Because of how IRS computer systems are configured, the IRS computers will not detect an over-reporting of income and send ...

Claims and filings that are determined to be frivolous can result in penalties of $5,000 for each copy that claims an ...

WHAT'S NEW (or isn't) FOR 2024: - There was no change to the payment threshold for the requirement to prepare Form 1099-NEC (a proposal was passed in the house, but did not clear the Senate).

The key to Forms 1099 is the IRS' computerized matching. The IRS matches each 1099 with your tax return based on your Social ...

Forms 1099 can be wrong. Say you were paid a consulting fee of $30,000, but the 1099 you receive is for ten times that, $300,000? What should you do?

Here's when the last day to file taxes is, a quick breakdown on some new forms for the 2024-25 tax season and how to track ...

24% Collection of W-9 Form from all potential vendors in which a Form 1099-MISC or 1099-NEC may be required. 1099 Series forms will be sent to all recipients by January 31.

Learn which payment apps report transactions to the IRS, including Zelle, Venmo, and CashApp. Understand how reporting ...

For example, freelancers, independent contractors, and other gig workers often get a 1099-NEC from their clients outlining their income earned. People who earned interest from a high-yield savings ...

If you don’t file both, you will not be taking the largest possible deduction. 1099-NEC. You’ve probably heard the question (not from me, I hope), “Are you 1099 or W-2?” This is just tax ...