The Internal Revenue Service (IRS) is set to introduce a pivotal change in income reporting through third-party payment apps.

Closeup of Form 1099-K, Payment Card and Third Party Network Transactions, an IRS information return used to report certain payment transactions to improve voluntary tax compliance. It’s that time of ...

The IRS delivered on Tuesday an unexpected, but welcomed, early Christmas gift to gig workers, Taylor Swift ticket sellers and more. The IRS surprised many tax professionals and others when it said it ...

A stock photograph of a 1099 Misc tax form. Photographed with the Canon EOS 5DSR at 50mp and the 100mm 2.8 L (IS) lens. Incorrect IRS Forms 1099 are a big tax worry. After all, Forms 1099 generally ...

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. Forms 1099 generally saddle you with income you have to report.

Making a certain amount of cash from pursuing a passion or by having your own side gig means you owe taxes, according to the Internal Revenue Service, but you won’t receive a W-2 form as you would ...

Portland, OR, USA - Jan 5, 2022: Third-party payment apps now have to report transactions more than USD600 to the IRS. Taxpayers who engage in online sales may have dodged a reporting bullet in early ...

Closeup of Form 1099-NEC and 1099-MISC. The IRS has reintroduced Form 1099-NEC as the new way to report self-employment income instead of Form 1099-MISC as traditionally had been used. If you received ...

Most defendants issue IRS Forms 1099 for legal settlements. The form may be issued to the lawyer, the client, or both. Frequently, both the client and the lawyer receive a Form 1099 for 100%, making ...

IRS Forms 1099 allow computer matching of Social Security numbers and dollar amounts paid. That makes it possible for IRS collection efforts to be streamlined and automated. Failing to report a Form ...