News & Analysis as of

1099s W-2

Davis Wright Tremaine LLP

How SECURE 2.0 Options Impact Form W-2 and Form 1099-R Reporting

IRS reminds employers that implementing certain optional retirement plan provisions of SECURE 2.0 affect Form W‑2 and Form 1099‑R reporting starting in 2023 - The IRS recently issued Fact Sheet 2024‑18 to highlight how...more

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

Pietragallo Gordon Alfano Bosick & Raspanti,...

New Year Resolutions: Best Practices for Our Clients

Year-end and the beginning of the New Year are good times to check in on your family law matters. Myriad events might be triggered as the calendar switches over. A little pre-planning can avoid unpleasant surprises or...more

Flaster Greenberg PC

Tax Pitfalls To Avoid In Employment Litigation Settlements

Flaster Greenberg PC on

By all measures, 2021 was a banner year for hiring, but 2022 and 2023 have been the opposite. According to one media source, more than 121,000 jobs in the technology sector alone — think Google LLC, Amazon.com Inc.,...more

Dickinson Wright

Ohio Supreme Court Reigns in "Administrative State"

Dickinson Wright on

Landmark TWISM Ruling Curbs State Agency Power to Interpret the Law - On December 29, 2022, in a 4-3 opinion authored by Justice Pat DeWine, the Ohio Supreme Court held in TWISM Ents., L.L.C. v. State Bd. of Registration...more

Ward and Smith, P.A.

Getting Rid of the Misnomer: The Risks Behind the Term "1099 Employee"

Ward and Smith, P.A. on

While many employers use the term "1099 employee" as a means to distinguish independent contractors from the company's W-2 employees, no such term exists from a legal standpoint.  In fact, in addition to being inaccurate,...more

Morgan Lewis

Resolving Erroneous Payroll Tax and Information Return Reporting Penalties with the IRS

Morgan Lewis on

Some taxpayers are receiving automatically generated IRS notices of underpayments and penalties with respect to Form W-2 income tax and FICA withholdings, unemployment taxes, and backup withholding, as well as other year-end...more

Foley & Lardner LLP

Biden Administration Proposes Financial Surveillance Regime Likely to Catch Tax-Dodging Small Business Owners

Foley & Lardner LLP on

Under present law, most Americans’ taxable income is reported by both the payor and the payee. Wage income is reported by the employer on a form W-2 and by the employee on an annual tax return. Independent contractor income...more

McDermott Will & Emery

Weekly IRS Roundup December 7 – December 11, 2020

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 7 – December 11, 2020... December 7, 2020: The IRS released TD 9937 related to...more

Foodman CPAs & Advisors

IRS has a Commitment to Service US Taxpayers and Enforce Collections Compliance

According to the Internal Revenue Code, Taxpayers have three obligations: (1) to file timely returns; (2) to file accurate returns; and (3) to pay the required tax voluntarily and timely. ...more

Fenwick & West LLP

IRS Issues Long-Awaited Cryptocurrency Guidance in Revenue Ruling 2019-24 and New FAQs

Fenwick & West LLP on

On October 9, 2019, the IRS released Revenue Ruling 2019-24, which provides guidance with respect to hard forks and airdrops of cryptocurrency, and new frequently asked questions (FAQs), which provide guidance on other...more

Wilson Sonsini Goodrich & Rosati

IRS Issues Guidance for Transactions Involving Virtual Currency

On October 9, 2019, the Internal Revenue Service (IRS) issued Revenue Ruling 2019-24, which describes when a "hard fork" results in adverse tax consequences, and a set of frequently asked questions (the FAQs), which provide...more

Laner Muchin, Ltd.

IRS Explains Safe Harbor For De Minimis Errors On Information Returns And Statements

Laner Muchin, Ltd. on

Now that January 31st has passed, it is worth noting that the IRS recently issued proposed regulations providing for a de minimis error safe harbor exception to penalties for failing to provide accurate statements or...more

Foley & Lardner LLP

How Do I Report Non-Qualified Plan or Severance Payments to a Former Employee? Hint: You Should Probably Use a W-2, Not a 1099!

Foley & Lardner LLP on

Employers commonly make payments to former employees for a number of reasons. Two of the more routine payments are those from a non-qualified deferred compensation plan (such as payments from a supplemental executive...more

Proskauer - Blockchain and the Law

When Filing Taxes, Don’t Forget Virtual Currency Income

In a March 23 news release, the IRS reminded taxpayers that income from virtual currency transactions must be reported on income tax returns, and that certain virtual currency transactions are taxable like any other property...more

Fisher Phillips

You Win Some, You Lose Some: A Review Of Some Recent Misclassification Decisions

Fisher Phillips on

At the forefront of mind of every gig economy company is the troublesome question of whether its workers are properly classified as independent contractors. Just search our blog for cases involving “misclassification” and...more

Burr & Forman

Federal Employment Taxes: Employee-Independent Contractor Issues (Part 5)

Burr & Forman on

Section 530 Relief - Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as employees. This is a major audit area for the...more

Proskauer - Tax Talks

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

Proskauer - Tax Talks on

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

Burr & Forman

Federal Employment Taxes: Employee-Independent Contractor Issues (Part 3)

Burr & Forman on

IRS Form SS-8 Determinations of Employee Status - Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as “employees.” This...more

Burr & Forman

Federal Employment Taxes: Penalties and Interest (Part 2)

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 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

Employee or independent contractor? Right to control is key

Burr & Forman on

A continuing point of contention in employment law revolves around who is an employee versus who is an independent contractor. The issue seems to come up often in wage and hour cases and workers’ compensation or unemployment...more

Proskauer - Law and the Workplace

Guidance Issued on Taxability of Contributions and Benefits under New York Paid Family Leave Law

The New York State Department of Taxation and Finance has issued official guidance on several taxability issues relating to the New York Paid Family Leave Law (“PFLL”), which goes into effect on January 1, 2018. Among other...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

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