Who Should Receive a 1099 Form? E-File Form 1099 Today

Generally, businesses play a guessing game when it comes to filing 1099 Forms. But it is important to sort out the game at the earliest to avoid late fines and penalties. Those who received $600 or more as non-employment income should receive Form 1099. There are many different variants of 1099s that are offered in different situations and there are many exceptions for this $600 rule as well.  Different variants of 1099 Forms and their purpose The...

Form 1099-CAP, Changes in Corporate Control and Capital Structure

The IRS Form 1099- CAP pertains to the changes in the capital structure and the corporate control of organizations and it is generally used to report the substantial changes in the capital structure of organizations. Corporations and large organizations will use this IRS Form for their shareholders who receive stock, cash, and other properties, and are responsible for creating a significant change in the capital structure of the corporation. If the shareholder enjoys a gain from the...

Form 1099-INT Interest Income | E-File Today

Form 1099-INT from the Internal Revenue Service pertains to interest income, if you receive income in any way, then it is considered taxable and you will get Form 1099- INT to report this income with the IRS. What is the 1099- INT Tax Form? The tax Form 1099-INT is a record that states that a person or an entity (bank, finance houses, or an individual) paid interest during the tax year. If you have earned more than...

IRS Form 1099-G, Certain Government Payments

Form 1099-G will be sent to the taxpayers who have received certain types of payments from the state, federal, and local governments. These payments are entered on the tax return of the individual and are considered to be taxable income.  About Form 1099-G The taxpayers receive a 1099G Form if they received unemployment compensation, refunds, and other payments from the government. These government grants are considered as income and are expected to be reported in the Income...

Types of Form 1040: U.S. Individual Tax Return (1040-nr, 1040-es, 1040-v, 1040x,1040-sr)

The Form 1040 from the Internal Revenue Service helps individual taxpayers to file their tax returns on their annual income. This Form comprises a number of segments that require the taxpayers to disclose the taxable income for the year to learn if there are any additional taxes owed by the taxpayer or to learn if they qualify for a tax refund. Form 1040  is used by taxpayers to report their salary, daily wages, capital gains, taxable interest,...

Common IRS forms you should know for 2022 (Form 1040, Schedule A, B, C and D, Form 1098, Form 1099, and Form 4868)

If you are a citizen of the United States, you should have known that there are about a thousand Forms present to report the income and the expenses with the Internal Revenue Service. Understanding all of them and trying to fill them could be more of a maze work. But not all people have to use all these IRS Forms as there are designated tax Forms to be used by different entities. But it is good to...

LLC vs. S Corporation: What’s the Difference?

Both the LLC and the S corporation are two forms of business structure that the individual can choose to form while framing his business. Forming such business structures is mandatory for the success of the business. The LLC is a type of business entity whereas the S corporation is a tax classification. There are other significant differences between an LLC and an S corporation. A limited liability company and S corporation A limited liability company is a...

Form 1099-B Proceeds From Broker and Barter Exchange Transactions

Form 1099-B is a federal tax Form that records the proceeds from broker and barter exchange. This tax Form is been used by barter exchanges and brokerages to record the gains and losses of the customers during the tax year. The individual taxpayers will receive this Form from their brokers.  Information from Form 1099-B will be transferred to Form 8949 by the taxpayers to calculate their preliminary losses and gains. The results will then be entered in...

Know About Form 1099-C, Cancellation of Debt

Form 1099-C is the IRS tax form for cancellation of Debt and levies taxes on debts that are not required to be paid, considering them as income. If you borrow money, you are obliged legally to repay it at a fixed amount at a future date. You might either be personally liable for the debtor might own a property that is subject to a debt. In case your debt is forgiven or discharged at an amount less...

Form 1099-A Acquisition or Abandonment of Secured Property

There are many different 1099 Forms that are used for information return for the IRS. These Forms report different incomes that one receives during the year. Form 1099-A is used to report information pertaining to the acquisition or the abandonment of secured property and is also used to report foreclosure on a property.  Abandonment happens when the borrower permanently or intentionally abandons the property. Who will receive Form 1099-A? Taxpayers will receive this Form if the mortgage...