What You Need to Know About Form 1099-R The 1099-R is used for each person to whom a business has made a designated distribution or are treated as having made a distribution of $10 or more from: Profit-sharing or retirement plans IRAs Annuities Pensions Insurance contracts Survivor income benefit plans Permanent and total disability payments […]
1099 Guide to Information Returns The series of 1099 forms are filed for various payments made to non-employees of a business, or for other reasons as required by the government. If any date shown falls on a Saturday, Sunday or legal holiday, the due date is the next business day. *The due date is March […]
FORM LAST REVISION 2023 IRS TAX FORM CHANGES 1042-S 12/20/22 No Reprograming necessary. Minor verbiage changes on backers to include text additions, text deletions, year updates, and date changes. 1094-C 10/14/22 2023 forms expected to be released in Q4. 1094-C 10/14/22 2023 forms expected to be released in Q4. 1095-B 10/14/22 2023 forms expected to […]
For 2021 reporting, the title for Form 1099-MISC has been changed form Miscellaneous Income to Miscellaneous Information Critical Dos and Don’ts with Form 1099-MISC Do report gross proceeds to an attorney (not fees) on Form 1099-MISC. Do complete a 1099-MISC if you made royalty payments of at least $10 during the year. Do use Form […]
Filing 10 Forms or More? The IRS counsel has issued proposed regulations to reduce the current 250-return threshold to 100 in 2022 and to 10 in 2023 You May Be Required to E-File to Meet Tax Laws On Wednesday July 21st, IRS re-proposed regulations for electronic filing requirements for specifiedreturns and documents under the Taxpayer First […]
