News & Analysis as of

Filing Requirements 1099s Internal Revenue Service

Foodman CPAs & Advisors

Impuestos 2023: Lo Mejor Es Prepararse Ahora

La planificación fiscal le aplica a todos. El 1/22/24, el IRS le recordó a todos los contribuyentes que comenzaran a prepararse para presentar su declaración de impuestos federales sobre la renta. Planificar con anticipación...more

Foodman CPAs & Advisors

2023 Taxes: Best To Get Ready Now

Tax planning applies to everyone. On 1/22/24, IRS reminded all taxpayers to start getting ready to file their federal income tax return. Planning ahead can help taxpayers file an accurate return and avoid delays that can slow...more

Stinson LLP

1099-K Reporting: IRS Further Delays the Day of RecKoning

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In early November, we issued an alert on the filing of information returns by payment settlement entities, such as PayPal or Venmo, when sellers of goods or services use them to carryout payments with buyers (see 1099-K...more

Stinson LLP

1099-K Reporting: Is a Day of RecKoning Coming Soon?

Stinson LLP on

In the American Rescue Plan Act of 2021, Congress lowered the minimum reporting threshold from $20,000 to $600 for filing information returns relating to reportable payment transactions that are facilitated by payment...more

Foodman CPAs & Advisors

Bitcoins y el IRS: Reportaje y Almacenamiento

La posesión de moneda virtual, también conocida como criptomoneda, es legal tanto en los EE.UU como en muchas otras partes del mundo. La forma más conocida de moneda virtual es Bitcoin. ...more

Foodman CPAs & Advisors

Many are now looking for IRS Guidance on Virtual Currency

Foodman CPAs & Advisors on

Due to its unprecedented level of value appreciation, Bitcoin investors, consumers and businesses are looking for IRS Guidance. IRS recognizes that “virtual currency” may be used to pay for goods or services, or be held for...more

Burr & Forman

Federal Employment Taxes: Penalties and Interest (Part 2)

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Employers that pay wages and other forms of compensation to their employees must comply with federal tax return filing and payment/deposit requirement. Employers that receive services from non-employee contractors and which...more

Burr & Forman

Federal Employment Taxes: Filing and Payment Requirements for Employers (Part 1)

Burr & Forman on

Employers that pay wages and other forms of compensation to their employees must comply with federal tax return filing and payment/deposit requirement. Employers that receive services from non-employee contractors and make...more

Burr & Forman

Unfiled Tax Returns: What Do You Do? (Part 2)

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The United States has a voluntary income tax reporting system. U.S. citizens, permanent residents, and businesses here must annually file income tax returns with the IRS, reporting their “worldwide income”, deductions, and...more

Foodman CPAs & Advisors

IRS will not Quit

Voluntary compliance is the foundation of our US tax system. Taxpayers determine the correct amount of their tax and complete appropriate returns, rather than the Government determine their tax for them. According to the...more

Goulston & Storrs PC

New Trade Act Hikes Penalties for Information Return Failures

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The newly-enacted Trade Preference Extension Act boosts the penalties for failing to provide accurate information returns to the IRS and payees – such as Forms W-2, 1098, and 1099, as well as Forms 1095-B and 1094-B. The...more

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