1099 Reporting

2017 Master Guides to 1099 and 1042-S Compliance

Get completely prepared for year-end reporting with the 2017 Master Guides to Compliance! Each book covers critical updates for reporting year 2017, plus essential information for maintaining compliance in 2018 IOFM’s Form 1099 and Form 1042-S Master Guide textbooks are your definitive resources for year-end reporting and year-round compliance. Each book contains comprehensive information concerning… Read more »

Tax Year 2017: Be Aware of These Important Updates Before E-Filing

Any corporation, partnership, employer, estate and/or trust that is required to file 250 (or more) 1097, 1098, 1099, 3921, 3922, 5498, and W-2G forms must file electronically via the FIRE (“Filing Information Returns Electronically”) website. Filers that have less than 250 of these information returns are encouraged to file electronically as well. This year, there… Read more »

Member Guide to 1099-MISC & 1042-S on the AP & P2P Network

  Income paid in the calendar year other than wages, tips and salaries must be reported to the IRS on Forms 1099 and 1042-S. The following links lead to information and tools related to 1099-MISC and 1042-S reporting available to members on Accounts Payable & Procure-to-Pay Network. Definitions and Explanations BasicsForm 1099-Misc Filing Basics1099: What and Who... Read more »
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Responding to a 972CG Penalty Notice

If you filed an information return late, with the wrong TIN or none at all, you might receive a 972CG Penalty notice from the Internal Revenue Service. Recipients of a penalty notice have 45 days to respond and either pay the penalty or write an explanation as to why the penalty should be abated. It... Read more »
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Update: The Consolidated Appropriations Act and New Dates for 1099 Filing

Accounts payable professionals need to be aware of an important piece of new tax legislation that affects filing dates for IRS Forms 1099, the series of information returns used to report income types other than wages, salaries, and tips (Form W-2 is used for those). The 2016 Consolidated Appropriations Act combines federal government funding appropriations... Read more »
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Form 1099-Misc Filing Basics

  Contents Nonemployee compensationIndependent contractor or employeeTaxpayer identification numbers (TINs)Backup withholdingReporting exceptionsPayment to attorneysForm of filing and deadlinesStatements to recipientsCorrected returnsPenaltiesIRS Guide to Information ReportingNew dates for 1099 filing Introduction In addition to wages paid to employees and reported on Form W-2, Wage and Tax Statement, certain nonemployee compensation must be reported to the IRS,… Read more »

Update on IRS TIN Matching Program

The Internal Revenue Service (IRS) recently implemented corrections to its Taxpayer Identification Number (TIN) Online Matching Program. The changes took effect in November. TIN Matching is part of a suite of Internet-based pre-filing e-services that allows “authorized payers” the opportunity to match 1099 payee information against IRS records prior to filing information returns. Mary Kallewaard,... Read more »
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A New Take on Independent Contractor vs. Employee

By Pam Miller, APMD Independent contractor vs. employee—AP knows the IRS rules. AP has been determining which vendors are 1099-reportable—and which are not—for years now. As we know, control and relationship are determining factors: behavioral control, financial control, and the type of relationship established between the parties. But the IRS rules determining whether a potential... Read more »
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Responding Correctly to ‘B’ Notices

Companies that receive “B” Notices from the Internal Revenue Service (IRS) must respond in a timely and appropriate manner to avoid costly penalties. The IRS sends B Notices—technically referred to as CP2100 or CP2100A notices—in the spring and/or fall to payers (companies/organizations) that filed 1099 forms containing errors earlier in the year. “The IRS sends... Read more »
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Payers Are not Required to Report, on a Form 1099-MISC, Payments to a Government Payee

Form 1099-MISC payers are not required to report, on a Form 1099-MISC, payments made to a government payee, according to IRS Instructions for Form 1099-MISC, reminds Marianne Couch, Esq., Principal of Cokala. Government payees include the United States or any of its agencies or instrumentalities—as well as a state, the District of Columbia, a possession... Read more »
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