1099s

News & Analysis as of

The Headache of Plan Loans

They often say that the road to hell is paved with good intentions. I don’t know who said it first (I heard it was originated with St. Bernard, the saint, not the dog), but perhaps they were a 401(k) plan sponsor that had a...more

New IRS Guidance On Tax Treatment Of Attorney’s Fees

The IRS recently released a memorandum advising taxpayers on the proper tax characterization of attorney’s fee payments in connection with a settlement of or judgment in an employment dispute. Courts have long held...more

IRS Notices Issued to Small Businesses on a Hunch

Many small businesses have begun to receive notices (often styled as a "Notification of Possible Income Underreporting") from the IRS as a result of the information reported on Form 1099-K....more

Are “Working Interviews” Legal?

One of my dental practice clients called this week to inquire about an idea they heard of recently called a “working interview.” The idea is to have an hygienist come in for a couple of days to find out whether they are good...more

IRS Reporting Requirements for Class Action Settlement Payments and Court Awarded Damages

When finalizing class action settlements, or paying damage awards after a class action judgment, it is important to be mindful of the taxation of these payments and the related IRS information reporting requirements triggered...more

2013 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties and excise taxes. To...more

IRS Form 1099 Enforcement Program - Another Fishing Expedition?

The Housing Assistance Tax Act of 2008 included a new IRS mandate that requires certain companies that settle payments for merchants and other payment processors to report the gross sales of the transactions to the IRS each...more

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