In mid-September of 2021, the IRS published a revised version of the 1120 publication, which now provides clarity into the filing requirements of the IRS Form 1099-NEC. The revised publication explicitly details that Form 1099-NEC, non-employee compensations, is now included in the Combined Federal/State Filing Program.
Earlier in 2021, the IRS released a revised version of Form 941-X, which specifically deals with the adjusted Employer’s quarterly federal tax return or claim for refund. The instructions have also been revised to help taxpayers accommodate the new reporting guidelines. Here’s everything you need to know to stay on top of your tax game.
The IRS released an advanced version of the announcement detailing the corrections to Form 1099-MISC filings. The announcement details certain subsidized loan payments were erroneously reported as income of the borrowers by the lenders. Here’s a quick rundown of the new update for 1099-MISC.
Tax1099 is one of the most-used digital interfaces for tax compliance and regulatory reporting. Loved by accounting teams, CPAs, and businesses of all sizes. In order to further enhance the user e-Filing experiences, Tax1099 has integrated one of the most-loved accounting automation software – Tipalti.
As of late, businesses have been hiring independent contractors to delegate work and get things done outside the business ecosystem at a faster pace. Businesses that hire these independent contractors are required to pay them with predefined compensations and variables. An overview of how W-9 enables vendor-contractor tax compliance for businesses.
Tax season is on full speed. Businesses, both small and large, are focused on gathering the required information to file 1099 tax forms. The most common theme across all businesses, regardless of their type and size is that business owners and their accounting teams are apprehensive about the new changes to the 1099 series. Here are the 5 best practices for a successful tax season.