Baby Now We Got Bad Blood: Breakup Results in 1099-MISC & A Lawsuit

From November 2009 until March of 2011, Lewis Burns (72) and Diane Blagaich (54) were romantically involved. During early 2010, Burns wired $200,000 to Blagaich’s bank account, gave her a $70,000 Corvette and wrote her various checks totalling $73,819 (in … read more

New Penalties on 1099s Affect Non-Profit Organizations

In July 2015, President Obama signed into law the Trade Preferences Extension Act of 2015. Included on the bill was an important provision that affects non-profit organizations as well as for-profit businesses and individuals.The Act included a substantial increase to … read more

IRS Enforcing New Penalties on 1099s

In June of 2015, Congress passed the Trade Preferences Extension Act which greatly enhanced the penalties for all 1099s. This means that the penalties for filing 1099s late have become substantial and this has become an area where the IRS … read more

Incorrect or Missing Forms W-2 and 1099

Employers/payers have until a certain date to issue Form W-2 (PDF), Wage and Tax Statement, and Form 1099-R (PDF), Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., for the current processing year. If you do not receive them … read more

Form 1099 Reporting Requirements

It is necessary to file form 1099-MISC, Miscellaneous Income for each person to whom you have paid during the year: At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest $600 or more in rents, … read more

Changes Ahead for Form 1099-K Reporting

The Form 1099-K is a relatively new form – it has only been around since 2011. And it was so new in 2011, that the IRS sent out rules at the beginning of the tax season in 2012 and told … read more

Form 1099-K: What is It and What Do You Need to Do with It?

Most people are familiar with the various 1099 series forms, such as the 1099-MISC, 1099-B, 1099-INT and the 1099-DIV. In the last two years, however, businesses have been receiving an unfamiliar form: the 1099-K. Fortunately for taxpayers, not much needs … read more

Quick Reference Guide for 1099 Reporting

When is 1099 reporting required?  Reporting is required when businesses make payments of $600 or more in the course of trade or business in a calendar year to a single payee (exclusions may apply).    Generally, payments made for the following … read more

Repeal of Comprehensive Form 1099 Filing Requirements

On April 14, 2011, President Obama signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. The act repeals expansion of Form 1099 reporting under 2010’s Patient Protection and Affordable Care Act and Small Business … read more


There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.

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