The Affordable Care Act (ACA) introduced new reporting requirements to ensure individuals maintain minimum essential coverage. Two key forms involved […]

It’s a common question: you received Copy B of IRS Form 1042-S in the mail or by email. The form

The Foreign Account Tax Compliance Act (FATCA) adds another layer of complexity to the already challenging financial situations faced by

The expansion of Form 1042-S has created a broad definition of who may be required to file. This expansion stems

Brokers and barter exchanges are required to use IRS Form 1099-B, Proceeds from Broker and Barter Exchange Transactions, to report

Corporations often grant incentive stock options (ISOs) to employees as a bonus or reward. ISOs allow employees to purchase company

When you pay U.S. source income to foreign persons—such as nonresident aliens or foreign entities—the IRS requires withholding and reporting

employees. On a typical business day, you employ more than 10 workers who together work more than 80 hours. 👉

So, you’ve ended up with an extra car you don’t really need. Maybe it’s too old, beat up, or simply

If you win big at the casino, racetrack, or lottery, the IRS wants its share. Gambling winnings are considered taxable

Then January comes and you get this form in the mail, this 1099-C. You have no idea what it is or why you have it or what you’re supposed to do with it.

Home ownership means having a mortgage and paying property taxes. Quite a burden, financially, but the government helps you carry it. You’re busy building equity as you pay for your home, while the government lets you deduct your mortgage interest and property taxes from your income, reducing your tax liability.

Paying for college can be overwhelming, but the U.S. government offers valuable tax benefits that can save students and families

Y When your state government sends you money, it might feel like free income. But the IRS may see it

The IRS requires that all income, including gambling winnings, must be reported. It doesn’t matter if you win $1 from

Foreign workers, students, and other non-resident aliens are subject to U.S. tax withholding when they work in the United States.

The Foreign Account Tax Compliance Act (FATCA) was introduced in 2010 to prevent tax evasion by U.S. taxpayers holding money

Running a business comes with expenses, and one important responsibility is reporting payments made to non-employees. The IRS requires businesses

What Is IRS Form 1099-K? The IRS introduced Form 1099-K to improve tax compliance by tracking payments made through credit

What Is IRS Form 5498?IRS Form 5498, IRA Contribution Information, is an informational return that your IRA custodian files with

Is a 1099-MISC Monetary Gift Taxable Income? If you received a 1099-MISC for money that you thought was a gift,

Pension plans are designed to provide employees with financial security for the future. While employees contribute regularly and leave those

The Form W-2 is one of the most important tax documents businesses must file each year. It provides information to

If you’re filing paper copies of Form 1097-BTC, 1098, 1099, 5498, or W-2G along with Form 1096, the mailing address

International students are considered nonresident aliens for U.S. tax purposes. If you receive income while in the United States—such as

Why Information Return Due Dates and Time Extension Matter Businesses and organizations are required to file a variety of information

Mistakes on IRS 1099 information returns happen, but they can be corrected. The IRS provides two main correction processes depending

Understanding Why Box 12 Codes Matter When employees receive their Form W-2 each year, Box 12 can be the most

What Is IRS Form 1099-PATR? IRS Form 1099-PATR (Taxable Distributions Received from Cooperatives) is used by cooperatives to report patronage

What Is IRS Form 1096? IRS Form 1096 is a summary transmittal form that accompanies paper-filed information returns such as

What Is California Form 592? California Form 592 is used by withholding agents to report 7% backup withholding on California-source

What Is IRS Form 1097-BTC? IRS Form 1097-BTC is used by issuers of certain tax credit bonds to report tax

What Is IRS Form 1098-C? IRS Form 1098-C is used to report contributions of motor vehicles, boats, and airplanes valued

What Is IRS Form 1099-DIV? IRS Form 1099-DIV is used to report dividends, capital gains distributions, non-taxable distributions, and liquidation

What Is IRS Form 1099-INT? IRS Form 1099-INT is used to report interest income paid to individuals. Any organization that

What Is IRS Form 1099-S? IRS Form 1099-S is used to report gross proceeds from the sale or exchange of

IRS Form 3921 is a tax form used to report the exercise of an Incentive Stock Option (ISO). The IRS

What Is IRS Form 3922? IRS Form 3922 is used to report the Transfer of Stock Acquired Through an Employee

IRS Form W-2G is used to report certain gambling winnings. This form is printed in black ink and is different

Setting up an account with the Franchise Tax Board (FTB) in California allows you to electronically file Form 592 through

The IRS uses common-law rules to help businesses decide whether a worker should be classified as an employee or an

Financial institutions, government agencies, and educational lenders use IRS Form 1098-E to report student loan interest of $600 or more

IRS Form 1099-C is used to report Cancellation of Debt (COD). Lenders file this form to notify both the borrower

Most 1099 forms (such as 1099-INT, 1099-MISC, 1099-B, and 1099-S) must be sent to recipients by January 31. A few

Form W-2G is used to report gambling winnings.  W-2G is different from Forms 1098 and 1099 in that the 1099

Filing 1099 forms on paper is still allowed by the IRS, especially if you only need to submit a small

In the United States, backup withholding is a mandatory 28% tax withholding applied by payers when certain IRS requirements are