The Taxpayer First Act of 2019 authorized the Department of the Treasury and the IRS to issue regulations that reduce the 250 return requirement for electronic filing of information returns. The IRS has previously signaled that the eFile threshold would be reduced to 100 returns for tax year 2021 and 10 returns for tax year… Read more »

In 2020, 1099-NEC was resurrected to replace box seven on Form 1099-MISC. This means the 1099-NEC is now the form for reporting non-employee compensation for services amounting to $600 or more. As a result, this form has had a significant impact on all types of businesses and their 1099-MISC reporting processes. With the initial release… Read more »

Tax information reporting and withholding requirements are constantly changing. You cannot assume that specific requirements will stay the same from one year to the next (or be the same from one state to the next). Here are three keys to staying on top of your 1099 reporting: The IRS and state Departments of Revenue (DOR)… Read more »

Avoid errors and costly fines by verifying your Tax identification numbers (TINs) in advance of the hectic January reporting season. Matching of your recipient’s name and Social Security Number (SSN) or Employer Identification Number (EIN) will compare your recipient data with IRS records to ensure your information is correct and avoid time-consuming and potentially expensive… Read more »

It’s called a TIN – and it’s an essential number when filing W-2s, 1099s, and ACA forms. For most 1099 reporting, a TIN may be a Social Security Number (SSN) or Employer Identification Number (EIN). Why is it important? Because when you are filing your W-2’s or 1099’s, your recipient TIN and name must be… Read more »