1099

(redirected from Form 1099)

1099

A statement sent to the IRS and taxpayers by the payers of dividends and interest and by issuers of taxable original issue discount securities.

1099

A form that payers of dividends send to payees and to the IRS declaring the dividends, interest, and similar payments made to the payees in a given tax year. Taxpayers report income listed on a 1099 on their 1040 forms when calculating their tax liabilities.

1099

The IRS form for reporting payments made to independent contractors or interest earned on investments or bank accounts. The person completing the form supplies copies to the party receiving the payments and to the IRS and state and local taxing authorities.If one's tax return does not disclose income reported on a 1099, there is a high likelihood of an audit. Real estate agents typically receive 1099s from their brokers for commissions earned during the prior year.

References in periodicals archive ?
An insurance broker who issued a Form 1099 to a payee who never cashed the check for the payment reported on the form did not commit tax fraud, the Seventh Circuit held, reversing a decision by an Illinois federal district court.
Announced in 2009, as part of the enactment of the Housing Assistance Tax Act of 2008, Form 1099 used for reporting payment card and third-party payment transactions to the IRS.
FORM 1099 FIXER legislation was " introduced in the Senate earlier this month, according to Sen.
Jeanne Shaheen is part of a bipartisan group of six senators who have introduced a bill to repeal the controversial expansion of the Form 1099 reporting requirement due to take effect in January 2012.
One small business employing under five people told GAO of possibly spending 3 to 5 hours per year filing Form 1099 information returns manually, using an accounting package to gather the information.
Congress may consider several other tax measures related to the estate tax, marginal rates and capital gains and dividends rates during this time, and it's possible that language repealing the form 1099 reporting requirements could be included in one of these tax bills.
More than 550 association and nonprofit professionals added their names to ASAE's sign-on letter calling for repeal of new Form 1099 reporting requirements.
Efforts are continuing in an effort to ease some of the new Internal Revenue Service Form 1099 information reporting rules put in place by the health care reform law.
17 Web cast of Tax Talk Today, a panel of Internal Revenue Service officials and tax experts discussed the new Form 944 and provided reminders and tips for tax practitioners dealing with Form 1099 as well as employment taxes in general.
Failure to accurately report amounts on Form 1099 to the correct individual could result in penalties under the Internal Revenue Code.
Under the old law the agent did not have to file a Form 1099 for these payments, because they were done only upon the direction of the client.
Taxpayers also would win the right to sue anyone filing a false information return, such as a Form 1099 or Form W-2.