IRS Form 1099-DA: Digital Assets
IRS Form 1099-DA, also known as the Digital Assets form, is a relatively new addition to the series of 1099 forms introduced to report transactions involving digital assets, such as cryptocurrencies and other virtual currencies. Here is an overview of its purpose and relevant details: Purpose of Form 1099-DA Reporting Digital Asset Transactions: Form 1099-DA […]
What is the difference between IRS Form 1042 and 1042-S?
Forms 1042 and 1042-S are both related to tax reporting for payments made to foreign persons, but they serve different purposes and have distinct uses. Here’s a breakdown of the differences between the two: IRS Form 1042 Purpose: Form 1042 is the Annual Withholding Tax Return for U.S. Source Income of Foreign Persons. It is […]
IRS Form 1042-S: What is a Withholding Agent?
A withholding agent is any person, business, or organization (U.S. or foreign) responsible for paying income to a foreign person (non-U.S. citizen or resident) that is subject to withholding tax. The withholding agent is required to withhold a portion of the income as tax and remit it to the IRS. This can include income from […]
What Do I Do If My Employer Hasn’t Sent Me My 1099 Form Yet?
If your employer hasn’t sent your 1099 form yet, here’s what you can do: Reach Out to Your Employer: Contact your employer or the company’s payroll or HR department to remind them that you haven’t received your 1099 form. Employers are legally required to mail out 1099 forms to independent contractors by January 31 each […]
