What if the gambling winnings are offset by losses—can this be reflected on the W-2G?
No, gambling losses cannot be used to offset gambling winnings directly on Form W-2G. The form is strictly used to report gross gambling winnings to the IRS and does not take into account any gambling losses. How Gambling Losses Are Handled If a gambler has losses that they want to offset against winnings, they must […]
Is Form 1095-B still relevant after the individual mandate penalty was reduced to $0 federally?
Yes, Form 1095-B is still relevant despite the federal individual mandate penalty being reduced to $0 starting in 2019 under the Tax Cuts and Jobs Act. Here’s why: 1. Compliance with the Affordable Care Act (ACA) The ACA requires certain entities, such as health insurance providers and self-insured small employers, to file Form 1095-B to […]
Does a transmitter control code expire?
Yes, a transmitter control code (TCC) issued by the IRS can expire, but it depends on the specific usage and context. Here are key points: E-Filing for the IRS (Tax Returns): TCCs for transmitting e-filed tax returns do not typically have a set expiration date, but they can become inactive if not used for an […]
Does Form 8027 apply to food trucks, catering services, or delivery-only businesses?
Form 8027, the Employer’s Annual Information Return of Tip Income and Allocated Tips, typically does not apply to food trucks, catering services, or delivery-only businesses, but there are specific factors to consider based on the nature of the operation. Here’s a breakdown: Form 8027 Requirements: Form 8027 applies to large food or beverage establishments where: […]
