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Lower Reporting Threshold for Form 1099-K
If you sell products or services through platforms like PayPal, Venmo, Etsy, eBay, or Shopify, the IRS has introduced a […]
IRS Confirms No Federal Form or Withholding Changes for 2025 Under One Big Beautiful Bill Act (OBBBA)
The IRS has announced that for the 2025 tax year, there will be no modifications to major federal tax forms
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Outsourcing ACA & 1099 Filing vs. Software: Which Delivers the Most Relief?
When tax season hits, the real question isn’t “Can we file ACA or 1099s?”—it’s “What’s the least risky, least stressful
TIN Matching
How to Use IRS Bulk TIN Matching to Avoid Errors
One of the most common reasons businesses receive IRS “B” Notices or CP2100 Notices is because of mismatched names and
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Understanding the IRS Combined Federal/State Filing Program
The IRS Combined Federal/State Filing (CF/SF) Program is designed to simplify information return reporting by allowing businesses to file certain
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State-Specific 1099-K Thresholds: What Businesses Should Know
Form 1099-K is used by third-party settlement organizations (such as PayPal, Stripe, and Venmo) to report payments to businesses and
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Hiring International Contractors? When to Use 1099 vs. 1042-S
Hiring international contractors requires following IRS reporting rules. Whether you issue Form 1099-NEC or Form 1042-S depends on the contractor’s
National Software
IRS Error: Name and SSN Must Match the Database
When filing Forms 1095-B or 1095-C with the IRS, one of the most common rejections occurs when the Name and
Countries With U.S. Income Tax Treaties for Form 1042-S Withholding Credits
The United States has income tax treaties with many countries that may allow nonresident aliens to claim a reduced withholding
IRS Announces the Retirement of the FIRE Site: How Our Company Will Assist You in a Seamless Transition to the New IRIS Site
In a significant development for tax professionals, the IRS has officially announced the retirement of the, “Filing Information Returns Electronically”
What is IRS IRIS?
IRS IRIS stands for the Information Returns Intake System, a new electronic filing platform developed by the IRS to replace
When the IRS Sends a CP2100 Notice
If you file information returns like Forms 1099 and the IRS finds incorrect taxpayer identification number (TIN) and name combinations,
Form 1095-C Coding Guide
Employers filing Form 1095-C must correctly report employee health coverage using Line 14 (Offer of Coverage) and Line 16 (Safe
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What to Do If You Missed Filing ACA Forms for a Prior Year – and How 1099FIRE Can Help
Failing to file Affordable Care Act (ACA) information returns—Forms 1095-B, 1095-C, and transmittals 1094-B/C—for a prior year can be stressful.
Form 1099-LTC: Reporting Long-Term Care Benefits
Form 1099-LTC is used to report payments made under a long-term care insurance contract or accelerated death benefits paid to
1099 Forms, IRS Form 1099-DIV, IRS Form 1099-K, IRS Form 1099-NEC, IRS Form 1099-S
1099 Reporting for Real Estate Transactions Beyond Form 1099-S
Form 1099-S is the IRS’s primary form for reporting proceeds from real estate transactions, such as sales or exchanges of
1099 Requirements for Agricultural Businesses
Understanding the 1099 requirements for agricultural businesses is essential for farmers, ranchers, and agribusiness owners. Agricultural operations often rely on
Handling 1099 Reporting for Prizes, Awards, and Promotional Giveaways
Businesses often use contests, awards, and promotional giveaways to attract customers and reward employees or partners. While these incentives can
When Payments in Foreign Currency Require a 1099
U.S. businesses sometimes pay independent contractors, vendors, or professionals in a currency other than U.S. dollars. If those payments are
1099 Considerations During Mergers & Acquisitions
Mergers and acquisitions (M&A) are complex transactions that involve not only strategic and financial decisions, but also compliance with IRS
Estate Distributions & 1099 Reporting for Beneficiaries
When an estate distributes assets to beneficiaries, the executor or trustee may have to issue IRS information returns. Understanding when
What Types of Services Qualify for 1099‑NEC Reporting?
Understanding the services that require a 1099 is essential for business owners, contractors, and anyone making reportable payments. The IRS
What happens if an employer cannot meet the filing deadline due to unforeseen circumstances?
If an employer cannot meet the filing deadline for ACA forms (Forms 1095-C and 1094-C) due to unforeseen circumstances, they
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Case Scenario for IRS Form 3921 (Exercise of an Incentive Stock Option)
Form 3921 is used to report the exercise of Incentive Stock Options (ISOs). When an employee exercises options, the employer
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California 1023S CSV File Format for Form 592 Submissions
The California 1023S CSV file format is the standard layout required by the California Franchise Tax Board (FTB) for Form
What steps should a recipient take if they believe the Form 1099‑NEC they received is incorrect?
If someone receives a Form 1099-NEC (Nonemployee Compensation) that they believe is incorrect, the IRS expects them to take action
The Difference Between Information Returns and Tax Returns
When it comes to filing with the IRS, not all forms are created equal. Two major categories—information returns and tax
Why You Should Review Form 1042 Before Filing Form 1042-S
When it comes to withholding and reporting payments to foreign persons, many filers focus on Form 1042-S—the statement issued to
Understanding the Codes and Fields on IRS Form 1098-T
If you’re a student or the parent of a student, you’ve likely received IRS Form 1098-T, the Tuition Statement. This
1042-S Chapter 3 and 4 Status Codes
On Form 1042-S, the Chapter 3 Status Code (Box 12) and Chapter 4 Status Code (Box 13i) are used to
How to Minimize Penalties After a Missed Deadline
The IRS charges late filing penalties when businesses miss deadlines for information returns such as 1099s. However, you can take
Understanding the Differences Between Forms 1095-B and 1095-C
Under the Affordable Care Act (ACA), certain employers and insurers are required to provide forms detailing health coverage information to
State-Specific 1099 Filing Requirements: What You Need to Know
Navigating 1099 filing requirements across different states is crucial for businesses and individuals to ensure compliance and avoid penalties. Here’s
Alabama 1099 Filing Requirement
Who Must File 1099 Forms in Alabama? Any business or individual conducting business in Alabama must file a Form 1099
Form 1042-S vs. 1099: Correctly Classifying Payments to Foreign Contractors
When working with independent contractors, one of the most important tax compliance steps is ensuring that payments are reported on
What Is IRS Form 8955-SSA and Who Must File It?
If you sponsor or administer a retirement plan, you may be required to file IRS Form 8955-SSA, but many plan
Form 1095-C Line 14 Codes: Understanding Offer of Coverage Indicators
Employers subject to the Affordable Care Act (ACA) must file Form 1095-C each year to report the type of health
Real Estate Professionals: Navigating 1099-S Reporting Requirements
If you’re involved in real estate transactions—whether as a broker, title company, attorney, or closing agent—you may be responsible for
Form 1099-Q: Understanding Education Savings Plan Distributions
Paying for education is expensive, but thankfully, certain tax-advantaged savings plans can help. If you’ve contributed to or used a
You have identified your file as a correction; however, the data is not coded with a ‘G’ or ‘C’ in position 6 of the B record(s).
When filing corrections through the IRS FIRE system, you may see the error:“You have identified your file as a correction;
Application Process for a FIRE TCC
If you plan to electronically file information returns with the IRS, you must complete the application process for IRS FIRE
W-2C Efficient Corrections: How to Handle Errors Discovered After Filing
Form W-2 is one of the most important information returns employers issue, summarizing wages paid and taxes withheld for each
How to Reconcile Form 1042 With Your 1042-S Filings
Reconciling Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons) with your Form 1042-S filings is
W-2 Box 12 Codes
Box 12 on Form W-2 lists special codes. These codes report extra types of income, benefits, or deductions. Each code
State of Tennessee and Form 1099-K compliance
Understanding the Tennessee 1099-K filing requirements is essential for payment processors, settlement entities, and businesses that fall under this rule.
Understanding the Combined Federal/State Filing Program
The Combined Federal/State Filing Program (CF/SF) is a partnership between the IRS and participating states that simplifies tax reporting. Instead
Implications of IRS-ICE Data Sharing
The IRS-ICE data-sharing agreement, signed on April 7, 2025, marks a major change in U.S. tax and immigration policy. It
Understanding Form 1099-HC for Massachusetts Residents – Why this form is needed for state healthcare compliance.
Massachusetts residents who file state income taxes may receive Form 1099-HC each year. This form plays a key role in
Casino Compliance: Managing W-2G and 1042-S Reporting for Gambling Winnings
Casinos in the U.S. have specific IRS reporting obligations when it comes to gambling winnings. The two primary forms involved
How Educational Institutions Should Properly Report Form 1098-T for Tuition Statements
Educational institutions must use Form 1098-T, Tuition Statement to report tuition and related educational expenses. This form helps students—and the