1099
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
Solution: Tax Information Reporting
1099
Exploring IRS Modernization and its Impact on Tax Information Reporting
The Internal Revenue Services’ (IRS) modernization efforts represent crucial and necessary advancements in shaping the framework of information tax reporting processes to be more accessible,
Tax Compliance
Water Cooler Wednesday: Beyond March 1 – Reminders for Supplemental and Quarterly Statutory Filings
Join us every 2nd Wednesday at 1 ET for a 30-minute webinar going over what’s new and what’s coming as it pertains to your statutory
IRS Waives Electronic Filing Requirement for Form 1042
Under the recently published Notice 2024-26, “Administrative Exemption from Requirement to Electronically File Form 1042”, the IRS has effectively waived the electronic filing requirement via
IRS Releases 2024 1099-R and 5498 Instructions
The IRS has released its 2024 instructions for form 1099-R and 5498. The revised instructions incorporate a variety of changes, including the following. The age for
Tax Compliance
IRS Delays E-File Requirement for Form 1042: What You Need to Know
In a recurring theme, the IRS released communication this week that exempts the requirement to e-file Form 1042 Annual Withholding Tax Return for U.S. Source
IRS Releases 2024 1099-R Form
The IRS has released its 1099-R form for tax year 2024. Form 1099-R reports payments from pensions and annuities. For 2024, the revised form now
IRS Updates Continuous Use Form 1099-DIV for Tax Year 2024
The IRS recently updated its continuous use Form 1099-DIV. The 1099-DIV is the IRS’s form for reporting dividends and distributions as income. This year the
Tax Compliance
ACA Reporting Deadlines and More for Tax Year 2023
Affordable Care Act (ACA) reporting has started for tax year 2023. ACA reporting can quickly become complicated and costly with IRS penalties if your business
1099
Form 1042-S Reporting Updates and Best Practices
Because Form 1042-S encompasses all payments made to non-US recipients and has 429 applicable codes, it’s considered one of the most complex tax forms to
IRS Releases Updated Instructions For Forms 1099-INT and 1099-OID
The IRS recently released an update to its continuous use instructions for forms 1099-INT and 1099-OID. This instruction booklet covers the instructions for filers of
New York Updates NYS-50
New York recently updated the NYS-50 (Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax). Most notably, the Department of Labor is rolling out
Minnesota Publishes 2024 W-4MN and W-4MNP
Minnesota recently published its 2024 W-4MN (Minnesota Withholding Allowance/Exemption Certificate) and W-4MNP (Minnesota Withholding Certificate for Retirement Account, Pension, or Commercial Annuity Payments). Tax year
IRS Releases Update to Form 1099-OID
The IRS recently released an update to Continuous Use Form 1099-OID. This form is used for reporting Original Issue Discount to the IRS. Aside from
IRS Releases Update to Form 1099-INT
The IRS recently released an update to Continuous Use Form 1099-INT. This form is used for reporting Interest Income to the IRS. Similar to other
IRS Releases 2024 Form 1042-S
The IRS recently released its 2024 Form 1042-S which is used for reporting Foreign Persons’ U.S. Source Income Subject to Withholding. For the 2024 form
Arkansas Begins Accepting 1099 Through TAP
In January 2024, the Arkansas Taxpayer Access Point (TAP) portal began accepting 1099 bulk filing in IRS Publication 1220 format. Previously, Arkansas required 1099 filing
New York Releases 2024 IT-2104 and IT-2104-E
New York recently released the 2024 IT-2104 (Employee’s Withholding Allowance Certificate) and IT-2104-E (Certificate of Exemption from Withholding). A QR code has been added to