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How To Make Corrections To Form 1099-MISC Form

Form 1099 is one of the IRS forms that are used by the tax filers to report any specific types of payments. It contains a series of the informational returns identified by a letter, consists of the forms ranging from Form 1099-A to Form 1099-SA. Business owners use the IRS 1099-MISC Form in order to report the money paid to the independent contractors. Form 1099-MISC contains the information about the business and the independent contractor you paid....

IRS debuts draft of 1099-NEC for 2020 to Replace 1099

Recently the IRS released the draft of 1099-NEC, which is considered to be the replacement of Form 1099-MISC Box 7 to report the non-employee compensation and Box 9 to report the direct sales about $5,000 or more. The NEC can reduce the confusion that caused after the passage of PATH Act in 2015. As per the PATH Act, the deadlines to report to report Form 1099 MISC Box 7 is dated from 31st March to 31st January....

Know about the Series of All 1099s Forms – IRS 1099 Forms

IRS Form 1099 is used to list various types of income that you receive apart from your salary or wages throughout the financial year. It is mandatory for every tax payer to report their extra income to IRS. Form 1099 is used to list the payments that you receive through the interests from bank, dividends from stock investments or payment for your freelance work. Note that, everytime you receive a form, IRS also receives a copy of...