Visit here often for the latest industry news and information concerning tax related events.
California (CA) has recently extended their ACA 1094/1095 reporting deadline to May 31st, 2021!
Due to an extreme reporting volume, along with the ACA state reporting being brand new, California (CA) has pushed back their reporting deadline from M...
Payment Settlement Entities should prepare for major changes to Form 1099-K Payment Card and Third Party Network Transactions Reporting. Under the new American Rescue Act, if a digital platform participant receives $600 or more in aggregate payments ...
1099 Pro is proud to announce that the 1099 Pro Service Bureau will be providing an add-on feature where clients can outsource their 1099-NEC state direct reporting to 1099 Pro!
The Backstory:As many customers know, the IRS did not include in the ne...
The IRS has just released their finalized 1094-B, 1094-C, 1095-B, and 1095-C instructions and tax forms for Tax Year 2020! There were quite a few changes this year, including an extended print & mail deadline, so please read carefully.
What a year! While you've been juggling remote work and your kid's remote school, we've been completing 2020 IRS/SSA changes in our award-winning software products. Changes are happening this tax season and Team 1099 Pro wants you to be in the know! ...
Major changes to IRS Form 1099-MISC and a new form 1099-NEC (Non-Employee Compensation) for Tax Year 2020.
Non-Employee Compensation is now reported on the 1099-NEC and no longer on Box 7 of 1099-MISC
The IRS has posted https://www.irs.gov/pub/irs-drop/n-20-35.pdf that grants relief to filers of the certain form types. Form 5498, 5498-ESA, & 5498-SA filers now have until August 31, 2020 to file their forms with the IRS and furnish the form to the...
Illinois (IL) has a new quarterly reporting requirement where the underlying tax record data must be reported along with the quarterly IL-941. It is expected to impact anyone who performs state withholding in IL.
We are working hard towards integ...
The California (CA) Franchise Tax Board (FTB) has issued an automatic extension for payments and reporting of forms related to the 592 series (i.e 592-B) forms.
The original deadline of April 15, 2020 has been extended to July 15, 2020 (same deadl...
The filing deadline for a Reporting Model 2 FFI or Participating FFI to file its FATCA 8966 Report is extended to July 15, 2020; previously it was March 31, 2020.
Excerpt from the IRS Update:
Q4. Due to the COVID-19 virus, will foreign financial...