News & Analysis as of

Income Taxes › 1099s

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Foodman CPAs & Advisors

Impuestos 2023: Lo Mejor Es Prepararse Ahora

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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

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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

Foodman CPAs & Advisors

Formulario 1099-K 2023: Aclaración Del IRS

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El 2/6/24, el IRS publicó preguntas frecuentes (FAQs) nuevas y actualizadas sobre el Formulario 1099-K 2023 dado que el 21 de noviembre de 2023 (a través del Aviso 2023-74) el IRS anunció que el año calendario 2023 también...more

Foodman CPAs & Advisors

Form 1099-K 2023 IRS Clarification

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On 2/6/24, the IRS released new and updated FAQs regarding Form 1099-K 2023 given that on November 21, 2023 (via Notice 2023-74) the IRS announced that calendar year 2023 would also be a transition year for third party...more

Littler

IRS Updates FAQs on 1099-Ks Used for Gig Workers and Others

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The IRS recently updated its guidance for completing Form 1099-K, used primarily by “gig” companies providing compensation using payment apps or online marketplaces and for individuals selling goods on online marketplaces...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

New Year Resolutions: Best Practices for Our Clients

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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

Cole Schotz

Form 1099-K Implementation for E-Commerce Platforms Delayed for 2023

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Under a new federal law enacted in 2021 (the “American Rescue Plan” or the “New Law”), Venmo, Pay Pal, Cash App, Etsy, eBay and other e-commerce platforms are now required to send individual users income tax Form 1099-K for...more

Flaster Greenberg PC

Tax Pitfalls To Avoid In Employment Litigation Settlements

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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

Venable LLP

Taxpayers and Tax Preparers, Beware of Automated Notices of Deficiency

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The IRS has increased its practice to issue Notices of Deficiency without an audit. For example, if there is a mismatch between what was reported on a Form 1099 for a taxpayer and the income shown on the taxpayer's return, or...more

Foodman CPAs & Advisors

IRS Issues Another Crowdfunding Reminder

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Due to the popularity of crowdfunding as a venue to raise money online, for the second time in 2022, the IRS has issued News regarding how money raised through crowdfunding may be taxable....more

Mitchell, Williams, Selig, Gates & Woodyard,...

Arkansas Net-Metering and Utility Service Provider Tax Reporting Pitfalls

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As at-home energy creation becomes more popular and more households adopt sustainable practices such as utilizing solar to produce electricity, the subtleties of tax reporting for energy creation and consumption are becoming...more

Morgan Lewis

Don’t Pay Twice: Monitor Payment of Cancelled, Reissued Qualified Plan Distributions

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Cancelled and reissued qualified plan distribution checks, particularly to decedents, should be monitored for payment in light of the Internal Revenue Service’s repeated refusal to repay withholding to payor plans. If a Form...more

Kohrman Jackson & Krantz LLP

New Tax Rule Changes Reporting Requirements For Venmo, Paypal, Cash App

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A new tax rule will see the Internal Revenue Service (IRS) gain information on income small businesses receive via transactions on popular payment applications. As of Jan. 1, 2022, businesses that accept more than $600 per...more

Morgan Lewis

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

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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

Bowditch & Dewey

Tax Tips for GoFundMe Donors and Organizers

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Since January of 2020, over 175,000 COVID-19 related GoFundMe campaigns were created, raising more than $416 million. While donors may be feeling charitable, they should know that their contributions are likely not...more

Rivkin Radler LLP

Employee-Shareholders, Reasonable Compensation And Employment Taxes

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Movement Toward Tax Increases- You may have read last week that Democrats on the Senate Budget Committee announced they had reached a deal on a budget resolution that will enable them to bypass Senate Republicans on the...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

Robinson+Cole Data Privacy + Security Insider

Privacy Tip #270 – What To Do if You Received a Form 1099 for a Fraudulent Unemployment Claim

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My phone was ringing this week with inquiries from clients, friends and acquaintances who received a Form 1099 in the mail for an unemployment claim that they did not file, asking what should they do....more

Morgan Lewis - ML Benefits

Separate State Filing Required for Form 1099-NEC

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For the 2020 tax year, the Internal Revenue Service (IRS) moved reporting of certain nonemployee compensation, including current and deferred compensation paid to independent contractors and corporate directors, from Form...more

Kilpatrick

File “1099-NECs” Time to Report Nonemployee Compensation

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Starting in 2020, companies that pay at least $600 for services performed by someone who is not their employee are required to use the new Form 1099-NEC to report the nonemployee compensation. The Form 1099-MISC will no...more

McDermott Will & Emery

Weekly IRS Roundup December 7 – December 11, 2020

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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

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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

Morgan Lewis

Nonemployee Compensation Reportable on Revived Form 1099-NEC for 2020 Payments

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The Internal Revenue Service has revived Form 1099-NEC to eliminate confusion about complying with new filing deadlines aimed at combatting fraud. ...more

Foodman CPAs & Advisors

Payers and Payees have Obligations to Comply with Backup Withholding

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Backup Withholding requires a payer to “withhold tax” from payments that are not otherwise subject to withholding.  A Taxpayer (payee) may be subject to Backup Withholding if it...more

Littler

Restructuring Operations in the Wake of California AB 5? Don’t Overlook the Tax Implications

Littler on

Businesses with operations in California have begun to identify options and implement strategies for compliance with Assembly Bill (AB) 5, which imposes the ABC test for identifying whether a worker is an independent...more

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