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State Filing Alert: Montana’s New 1099-DA Requirements for Crypto Brokers
Reporting digital asset transactions on Form 1099-DA just got a little more complicated. For 2025 transactions, crypto brokers that file Form 1099-DA with the IRS
Category: 1099
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What is Form 1099-DA and How Does it Impact Crypto Transactions?
The IRS has released Form 1099-DA and its accompanying instructions for filing for TY 2025. Form 1099-DA is the newest IRS information return, designed for
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Form 1099-K Reporting: What TPSOs Should Know
As tax year 2024 approaches, third-party settlement organizations (TPSOs) are keeping a close watch on IRS guidance regarding their obligations under the IRS’s Form 1099-K
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Designing a 1099 Operating Model: Where the Rubber Meets the Road
With the advent of new information reporting requirements for digital asset transactions, businesses are navigating uncharted territory. I’ve received countless invitations from industry experts to
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IRS Pushing for Filing Due Date Changes to Combat 1099 Fraud
Millions and millions of tax dollars are lost to fraud every year due to stolen identities, dishonest tax preparers or claims of false tax losses
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IRS’ New Extension of Time Impacts 2023 Recipient Statements
Unbeknownst to many issuers of 1099 and other information returns, Form 15397 Application for Extension of Time to Furnish Recipient Statements was debuted by the
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4 Key Takeaways on Recent Form W-8 and Form W-9 Changes
Last year, Sovos and Comply Exchange held a customer roundtable discussion on recent Form W-8 and Form W-9 changes. Here are some of the top
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A Comprehensive Guide to 2023 IRS Reporting Updates
In the world of ever-evolving regulation changes, staying informed is crucial for businesses to achieve complete compliance in their tax information reporting processes. In 2023,
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How Sovos Can Help with Transmitter Control Codes (TCCs)
Earlier this month, I again connected with the media outlet PYMNTS to discuss important tax information reporting updates that businesses must be mindful of going
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3 Important Takeaways from a 1099-K Discussion with PYMNTS
Recently, I spoke with the media outlet PYMNTS on the latest 1099-K reporting changes. Just last month, the IRS again announced a delay in enforcement
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Can I Still Register for a New Transmitter Control Code (TCC)?
A transmitter control code (TCC) is necessary for businesses electronically submitting information returns to the IRS. We’ve previously discussed how recent changes now require organizations
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IRS: Form 1099-K Reporting Threshold Change Delayed Again
The IRS recently announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations (TPSOs) for calendar year 2023. Instead, 2023
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Why You Need to Pay Attention to Form 1042 Changes Right Now
Changes announced: Click here for the most up to date Form 1042 information. If in reading this blog you are realizing for the first time
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How to Evaluate Your Provider’s Electronic 1042 Filing Readiness
Changes announced: Click here for the most up to date Form 1042 information. With the IRS changing the filing requirements for Form 1042 to be
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They’re Here…Tax Reporting Season Updates
During our recent “Spooky Season Tax Updates” webinar, we discussed the most important changes that will affect filers in the upcoming tax reporting season. From
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What You Need to Know about the IRIS System for 2023 Reporting
Another tax information reporting season is approaching quickly. As businesses begin the process of filing information with the IRS, there are some important updates that
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Why Conduct a Pilot Season for Tax Information Reporting?
Another tax information reporting season is just around the corner and now is the time to start preparing your teams handling forms such as Series
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4 Things to Know About Transmitter Control Code (TCC) Requirements
Organizations that access IRS systems to file information returns, including Form 1099, Affordable Care Act returns and more, need to understand how technological updates could