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Category Archives: Information Returns
IRS Officially Announces Delay in Reporting Cryptocurrency Transactions on Form 8300
The IRS officially announced today that businesses do not have to report the receipt of digital assets on Form 8300 until the Treasury and the IRS issue regulations implementing the new law. The IRS officially announced this in Announcement 2024-4. … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling, Information Returns, IRS
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Form 8300, Cryptocurrency, and Gambling: An Update
Last August I wrote a post noting that as of January 1, 2024 cryptocurrency is considered to be cash for Form 8300 reporting requirements. Here’s what I wrote last August: A Twitter/X post from John Reed Stark reminded me about … Continue reading
Posted in FINCEN, Gambling, Information Returns, IRS
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Is It January 9th Yet?
Last year, the IRS announced a new system for efiling 1099s (and other information returns) called IRIS. This system would be available for both professionals and individuals (and businesses) to efile 1099s. The system was supposed to be available on … Continue reading
It’s Time to Generate 2021 1099s
It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you … Continue reading
It’s Time to Generate 2020 1099s
It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you … Continue reading
Posted in Information Returns, IRS
Tagged 2021.Tax.Season
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It’s Time to Generate Those 2018 1099s
It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you … Continue reading
Posted in Information Returns, IRS
Tagged 1099s, 2019.Tax.Season
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January 31st Tax Deadlines: 2016 Hurricane Extensions and Information Returns
We’re one week away from the first tax deadline of the 2018 Tax Season along with the final tax deadline for filing 2016 tax returns. Taxpayers on extension for filing 2016 tax returns because of Hurricanes Harvey, Irma or Maria … Continue reading
Posted in FINCEN, Information Returns, IRS
Tagged 2017.Tax.Season, 2018.Tax.Season, Hurricane.Harvey, Hurricane.Irma
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It’s 1099 Time
It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you … Continue reading
Posted in Information Returns, IRS
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It’s One 1099 Per Person, Or the Most Stupid and Hilarious Thing I’ve Seen in Some Time
One of my clients, Barri Brown (all names in this post are fictitious), was missing a 1099 issued by one of the two large Daily Fantasy Sports (DFS) companies. It didn’t show on her Wage & Income Transcript, so she … Continue reading