Do I need to issue a 1099 gift form?
Form 1099-MISC has wide and varied uses. From specified income payments to crop insurance proceeds, this form is a catch-all for most forms of non-employment compensation. The IRS has announced that the 1099-NEC is going to be available in the very near future. This means contracted income will have its own form, which will help […]
Does Form 1096 2018 Still Matter?
This is a rare situation in which an old form does not matter. Form 1096 2018 does not need to be used anymore. Even if an individual or business is submitting other 2018 forms, they can use the most updated iteration of form 1096. Known as the Annual Summary and Transmittal of U.S. Information Returns, […]
Received a 1099 G form 2018? Here’s What to Do.
The 1099 G form is distributed exclusively by state, federal, and local governments. For this reason, few personal or private accountants will need to worry about preparing it. However, many tax and wage professionals manage finances for businesses, organizations, and individuals who may be the recipient of a 1099 G. What’s more, this is an […]
My Client Never Received a 1099 R 2018. What Should I Do?
The 1099 R 2018 is similar to the 1099 R forms distributed today. The document is given to each person to whom an organization has made a distribution of $10 or more, most often from retirement plans. Typically, these forms are distributed by banks and organizations who hold retirement funds and make disability payments. Unless […]
How to Handle a Paypal 1099 K 2018
If you or a client did not receive a Paypal 1099 K 2018, it is important to contact the company to receive a copy. Known as the Payment Card and Third-Party Network transactions form, the 1099 K is used often by Paypal, as well as credit card companies and other third-party processers, like Amazon. Only […]
My 1099 OID 2018 is Late. What Do I Do?
If you neglected to file 1099 OID 2018, you should file as soon as possible. Most 1099 forms have a three-year statute of limitations. As a result, the IRS can levy a penalty or fine for a missing or incorrect form for three years after the initial deadline. If your organization or business has not […]
Is the Lyft 1099 form 2018 Different in 2020?
Yes, the Lyft 1099 form 2018 is different from the forms drivers will receive in 2020. The increasing number of independent contractors in the United States, as well as some deadline confusion, has led the IRS to resurrect the 1099-NEC form. Now, those who earn wages as non-employment compensation will receive a 1099-NEC rather than […]
Do I file a 1099 form 2019 for Employees?
No, employers and businesses should not file 1099 form 2019 for employees. Instead, they should file a W2. The difference can be a bit difficult to navigate, especially for new business owners. Additionally, these categories can shift – what is considered an independent contractor in 2020 might not be an independent contractor in 2015. This […]
Can I still submit a 1099 correction form 2018?
In short: Yes, you can still file a 1099 correction form 2018. Mistakes happen, especially at small businesses. Without the ability to hire a full-time accountant or accounting team, keeping tax and wage forms straight can be a challenge. If you discovered a mistake on a 1099 form from 2018 while going through your files, […]
Which 1099 Contractor form 2019 is Changing?
The 1099 contractor form 2019 is shifting. The American tax code changes frequently, but it doesn’t often affect the two major wage forms: the 1099 and W-2. But this year, 2020, has brought some major changes to life in the United States, and the way we do taxes is no exception. Starting in the 2020 […]