What do I do if I can’t find the TIN (SSN/EIN) number for a particular person or business?
Its January. Your putting together your information returns reporting taxable income paid from the prior year. You have your list of payees that you worked with in the prior year and you notice that your missing the taxpayer identification number (TIN) for one or more payees. What do you do? Publication 1220 (Specifications for Filing Forms […]
What do I do if my employer hasn’t sent me my 1099 form yet?
Copy B of most of the 1098, 1099, 3921, 3922 Forms must be distributed to the receipient by the end of January (31st). Sometimes the due date falls on the 1st or 2nd of February, but the end of January is a good date to remember. Forms 1099-B, 1099-S and 1099-MISC (boxes 8 and 14 only) […]
IRS Form W-2G gambling winnings
Form W-2G is used to report gambling winnings. W-2G is different from Forms 1098 and 1099 in that the 1099 forms must be paper filed on red-ink forms while Copy A of Form W-2G can be printed on plain paper with black ink and mailed along with Form 1096 to the IRS. If your gambling […]
Rules for Paper filing 1099 IRS Forms
There is a tremendous level of comfort in filing 1099 forms by paper. Especially if you are submitting just a few 1099 tax forms per year. My accountant is probably 80 plus years old (I never asked him his exact age). Every year when I file my taxes, I have one 1099-MISC tax form that needs to be […]
What is a Transmitter Control Code (TCC number) and how do I attain one?
The IRS encourages businesses to file information returns electronically. Your first step is to attain a Transmitter Control Code or TCC number. A TCC number is a five-character number that typically consists of 2 digits, then 1 letter, then 2 more digits. To get a TCC number assigned to your business, download, fill out and […]
When to apply backup withholding
In the United States, backup withhold is a percentage withheld by the payers to be paid to the IRS (instead of to the payee). There are several reasons why backup withholding may be required. The payer must withhold 28% if: 1. Payee fails to furnish a correct TIN to the payer. The payee fills out […]
