News & Analysis as of

Reporting Requirements 1099s Tax Planning

Allen Barron, Inc.

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

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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

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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

Freeman Law

IRS Issues First Draft of Cryptocurrency Reporting Form

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The IRS appears to be on the verge of changing the way digital asset (i.e., cryptocurrency) transactions are reported for federal tax purposes. On April 19, 2024, the IRS issued its first draft of Form 1099-DA, the intended...more

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

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

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

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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

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

Best Best & Krieger LLP

Reporting Non-Employee Compensation: A Year of Change

The New Form 1099-NEC Changes Non-Employee Compensation Reporting Requirements - The IRS has made significant changes as to how non-employee compensation must be reported. In the past, compensation of $600 or more paid to...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

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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

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

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

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