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
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
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
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
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, LLP 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.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
- Do you have a household employee?
- The IRS Now has a Mobile App for You
- The Benefits of an Estate Plan for Your College-Age Children
- Minnesota CPAs’ List of Outrageous Tax Deductions
- Taxation of Professional Athletes: The Jock Tax
- Home Interest Deduction – Even When It’s Not in Your Name
- The IRS Says You’re No Longer Represented by Your CPA
- Marital Status? For Some LGBTQ Couples, It’s Complicated
- Need Help with Finding Tax Information?
- Save on Taxes While Growing Your Business