Form 1099-K is an information return, which is provided to the merchants who have 20,000 or more transactions and summing more than $ 200,000 during the tax year through debit or credit cards, else through electronic payments like Paypal. Financial institutions like a bank will process the payments and send a copy to the Internal Revenue Service. The IRS has started utilizing the information on the Form 1099-K to question if the merchants are reporting their income...

When you have purchased a new taxable heavyweight vehicle with the gross weight of 55,000 pounds or more, as the owner or operator of the vehicle you are required to file the IRS 2290 Form by the last day of the following month. If you used the vehicle only at a certain period of a month or partly, the tax amount will be calculated for the vehicle used the month as a whole month. For instance, if...

To err is human. Everyone out there makes a mistake at some point in time. However, the ultimate thing is to correct the committed mistake. As a tax filer also you can commit some mistakes while filing 1099 tax forms. It is common and the IRS understands the situation better and gives a chance to correct the submitted forms. There may be a condition where you find the mistake after submitting the form to the IRS. So...