Before proceeding to Box-4, the IRS 1099 Instructions towards Box-3 for other income states that as follows –  The employers should not include prizes and awards paid to their employees. Whereas they need to report form w2. The employer should not include prizes and awards in BOX-3 for services by non-employees, who are not in payrolls such as an award given for the top commission salesperson and they need to report this in BOX-7 E-File Form 1099 Now – Click here...

1099-MISC Box-2-Royalties: The box one for rent as in IRS 1099-MISC determines the reporting as spells out the standard $600 which applies to rental payments for the box-1 as in the 1099 form. Now comes the second box in the form IRS 10999-MISC which deals with Royalties, IRS here says that and when one exploit the natural resources be it mineral, metal, coal, oil and whatsoever as useful for mankind as mining property which includes even trying to...

IRS has a planned outage between 12/26/2014 – 01/09/2015 on 2290 Schedule-1

One who is on the verge of levied penalties by having failed to pay undue taxes to IRS even after using form 4868 have nothing to complain but to comply with the IRS called for the imposition of reasonable penalties as applicable to them. The call for the imposition of penalties by IRS though stands to be genuine, one can request for the abatement of penalties. These in many cases have yielded good results in getting exact...

1099-MISC Box 1 is a RENT- In rental agreements, there are two types of leases that the taxpayer needs to know the first one is the capital agreements and the second one is the operating agreements. These two have major differentiations in tax form 1099 reporting requirements. Only the operating agreement requires the reporting on tax form 1099 and not the capital agreement. This is because only for a specified period of time the payments are to be made...

Tax form 1099 requires to be accounted with an exact classification of workers, employees, and independent contractor services and their resultant payments as made by the employer and accordingly taxes need to be worked out before submission of tax payments to IRS. The misclassification is that when an employee or worker is considered as an independent contractor by the employer and as shown on tax documents. By this misclassification clause as used by the employer may seem to...

If you have a motor vehicle that is registered with a gross weight of 55,000 pounds or more you are required to file a Form 2290 which is a Heavy Highway Vehicle Use Tax Return. When is Form 2290 Dues? For every month your vehicle is used on a public highway you must file 2290 for your vehicle. The deadline to file is not based on your vehicle registration date but begins July 1 of the current...