News & Analysis as of

Reporting Requirements 1099s Income Taxes

Allen Barron, Inc.

Will You Recognize the Form 1099-K When You Receive it This Year?

Allen Barron, Inc. on

Will you recognize the Form 1099-K when you receive it from one or more third-party marketplace providers this year?  A few years ago, the IRS implemented new reporting requirements for many popular peer-to-peer payment apps...more

Stinson LLP

1099-K Reporting: More Time to Transition to the $600 Reporting Threshold

Stinson LLP on

In the American Rescue Plan Act of 2021, Congress and the Biden administration lowered the minimum reporting threshold for filing information returns relating to “reportable payment transactions” (a payment card is accepted...more

Foodman CPAs & Advisors

Formulario 1099-K 2023: Aclaración Del IRS

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

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

Littler on

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

Cole Schotz

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

Cole Schotz on

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

Kohrman Jackson & Krantz LLP

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

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

Bowditch & Dewey

Tax Tips for GoFundMe Donors and Organizers

Bowditch & Dewey on

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

Morgan Lewis - ML Benefits

Separate State Filing Required for Form 1099-NEC

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

Kilpatrick on

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

Morgan Lewis

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

Morgan Lewis on

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

A&O Shearman

Guidance on CFC ‘Downward Attribution Rules’ Provides Limited Relief to US Taxpayers

A&O Shearman on

On October 1, 2019, the Internal Revenue Service (IRS) issued Revenue Procedure 2019-40 (Revenue Procedure) and proposed regulations (Proposed Regulations) addressing issues related to the repeal of section 958(b)(4) by the...more

Proskauer - Employee Benefits & Executive...

Back to Basics: IRS Issues Ruling About Failure to Cash a Distribution Check from a Qualified Retirement Plan

In Revenue Ruling 2019-19, the IRS answered three basic questions about the consequences of an individual’s failure to cash a distribution check from a qualified retirement plan. Uncashed checks arise in a number of contexts...more

Farrell Fritz, P.C.

Taxing Transactions In Virtual Currency?

Farrell Fritz, P.C. on

Several years back, a client who had just sold their business inquired about investing some of their proceeds from the sale in a “cryptocurrency mining” venture based in Upstate N.Y. I thought they had lost their mind. “A...more

Foodman CPAs & Advisors

Tax Time and Virtual Currency

Virtual Currency (VC) investors continue to have accounting challenges at tax time. They are seeking to better understand and comply with their U.S. tax regulatory obligations when using VC. ...more

Foodman CPAs & Advisors

IRS is on to Self-Employed Taxpayers

On February 14, 2019, the TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION (TIGTA) released the Report “Expansion of the Gig Economy Warrants Focus on Improving Self-Employment Tax Compliance”. ...more

Foodman CPAs & Advisors

¿Qué es un evento tributable en la moneda virtual?

Sigue habiendo dirección limitada del Tesoro de los EE.UU y el IRS sobre la Moneda virtual (MV) y los inversionistas de la MV deben proceder con cautela....more

Foodman CPAs & Advisors

Lo que sabemos sobre el Cumplimiento Crypto y los impuestos federales de los EE. UU.

La última Notificación emitida por el IRS sobre Criptomoneda fue el Aviso 2014-21 publicado el 25 de Marzo del 2014 que brinda orientación en forma de respuestas a preguntas frecuentes (“Frequently Asked Questions”). ...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

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

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

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

22 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide