1099-G error: 580,000 is a big number

How closely do you look at the matching documents that you receive in January and February and compare them to the actual information? For example, do you go through an analysis of your mortgage interest – Form 1098 – and compare it to the amount that you paid each month? Or do you just take …

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New guidance for information reporting penalties (1099s)

The IRS issued a new notice last week (2017-9). This notice provides guidance on the de minimis safe harbor from information reporting penalties under Secs. 6721 and 6722 and the payee election not to have the safe harbor apply. To keep this clear for everyone….it applies to 1099 reporting. It was established by section 202 …

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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 filing penalties for information returns 1099 and 1096 filed after December 31, 2015, effectively doubling …

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