What Is IRS Form 1042 and Who Must File It?
What Is Form 1042 Who Must File Form 1042 You must file Form 1042 if
What Is Form 1042 Who Must File Form 1042 You must file Form 1042 if
Property owners, management companies, and businesses often hire independent contractors to maintain their grounds —
Noncash Compensation Overview Noncash or “in-kind” compensation includes anything of value given for services instead
Puerto Rico (PR), U.S. Virgin Islands (VI), Guam (GU), American Samoa (AS), Northern Mariana Islands
Getting the form right comes down to what you paid for. Use this step-by-step decision
Core rule: Most NIL payments to student-athletes are business income to the athlete (independent contractor/sole
Core rule: If you’re paying personally for work at your home (babysitting, mowing, raking), you’re
Every year, the IRS processes billions of information returns, including Forms 1099, W-2, and 1095.
Crowdfunding platforms like Kickstarter, GoFundMe, and Indiegogo have opened new doors for entrepreneurs, nonprofits, and
Social media influencers, YouTubers, and content creators are transforming digital marketing. But with that growth
Form 1095-B Overview Form 1095-B is used by insurance providers, including self-insured small employers, to
When a lawsuit results in a settlement, the tax reporting obligations depend on the type
Form 1099-CAP, “Changes in Corporate Control and Capital Structure,” is an IRS information return. It
IRS Letter 4800C is a notice the IRS sends if they believe you underreported income
Why You Might Receive Both Forms There are legitimate situations where the same business issues
If you didn’t issue 1099s for last year, don’t panic — but don’t ignore it
Congress has already passed a law that will raise the $600 threshold for 1099-NEC, so
For many freelancers and independent contractors, tax season comes with one familiar form: the 1099-NEC.
If you’re a farmer or a member of an agricultural cooperative, chances are you’ll encounter
When you hire independent contractors, collecting a completed Form W-9 (Request for Taxpayer Identification Number
Form 1099-K is issued by third-party settlement organizations and payment processors (such as PayPal, Venmo,
The IRS has announced that for the 2025 tax year, there will be no modifications
When tax season hits, the real question isn’t “Can we file ACA or 1099s?”—it’s “What’s
One of the most common reasons businesses receive IRS “B” Notices or CP2100 Notices is
The IRS Combined Federal/State Filing (CF/SF) Program is designed to simplify information return reporting by
Form 1099-K is used by third-party settlement organizations (such as PayPal, Stripe, and Venmo) to
Hiring international contractors requires following IRS reporting rules. Whether you issue Form 1099-NEC or Form
When filing Forms 1095-B or 1095-C with the IRS, one of the most common rejections
The United States has income tax treaties with many countries that may allow nonresident aliens
In a significant development for tax professionals, the IRS has officially announced the retirement of
IRS IRIS stands for the Information Returns Intake System, a new electronic filing platform developed
If you file information returns like Forms 1099 and the IRS finds incorrect taxpayer identification
Employers filing Form 1095-C must correctly report employee health coverage using Line 14 (Offer of
Failing to file Affordable Care Act (ACA) information returns—Forms 1095-B, 1095-C, and transmittals 1094-B/C—for a
Form 1099-S is the IRS’s primary form for reporting proceeds from real estate transactions, such
Understanding the 1099 requirements for agricultural businesses is essential for farmers, ranchers, and agribusiness owners.
Businesses often use contests, awards, and promotional giveaways to attract customers and reward employees or
U.S. businesses sometimes pay independent contractors, vendors, or professionals in a currency other than U.S.
Mergers and acquisitions (M&A) are complex transactions that involve not only strategic and financial decisions,
When an estate distributes assets to beneficiaries, the executor or trustee may have to issue
Understanding the services that require a 1099 is essential for business owners, contractors, and anyone
If an employer cannot meet the filing deadline for ACA forms (Forms 1095-C and 1094-C)
Form 3921 is used to report the exercise of Incentive Stock Options (ISOs). When an
The California 1023S CSV file format is the standard layout required by the California Franchise
If someone receives a Form 1099-NEC (Nonemployee Compensation) that they believe is incorrect, the IRS
When it comes to filing with the IRS, not all forms are created equal. Two
When it comes to withholding and reporting payments to foreign persons, many filers focus on
If you’re a student or the parent of a student, you’ve likely received IRS Form
On Form 1042-S, the Chapter 3 Status Code (Box 12) and Chapter 4 Status Code
The IRS charges late filing penalties when businesses miss deadlines for information returns such as