It is that time of year again when businesses must issue Form 1099 NEC.  Payments of over $600 for services in a calendar year to a person-independent contractors, non-employees and freelancers or unincorporated entity like a sole proprietor, single member LLC or non-profit association that is not registered formally as a corporation with the state, must be issue a 1099 NEC from the payer. Pre-Filing Actions to be Taken Check to see who is eligible Review of payment records f

Did you know that the IRS recognizes 21 types of Form 1099?  One of them is the Form 1099MISC. It is that time of year again when businesses must issue Form 1099 MISC What is the difference between Form 1099 NEC and Form 1099 MISC? The 1099 NEC form goes to people and unincorporated entities for services rendered. The 1099 MISC is the catch all for all other types of reportable taxable income with varying levels of thresholds. Below are examples of the most common types: Roya

IRS Form 1099 is a series of tax documents used to report various types of payments made to individuals or businesses that fall outside...

The Corporate Transparency Act (CTA) introduces expanded anti-money laundering laws and new mandatory reporting obligations for certain...

Third-party settlement organizations are required to report payments made within a trade or business to both the IRS and recipients using...