The IRS also wants to ensure that the organization is worthy of maintaining its tax-exempt status and requires more details on the types of activities it engages in during the year. A significant portion of the form requires information on how the organization is governed, and specifically reques...
Looking to claim education credits? Form 8863 is key for claiming the American Opportunity and Lifetime Learning credits. Learn how to properly complete Form 8863, what eligibility criteria you need to meet, and how it can help reduce your tax burden. Ou
What is a 1099-K, Payment Card and Third Party Network Transactions? You may know that there are several types of1099 forms. The 1099-K form specifically reports card payments and transactions from online platforms, apps, or payment card processors. Officially, this tax form is called Form 10...
The tax day 2025 deadline for filing your 2025 returns is April 15. But if you need extra time, you can file for an extension using Form 4868, extending the tax filing deadline to October 15. However, it's important to note that this extension only applies to the filing, not to paym...
What are 1099s? The 1099 tax form is a common IRS form covering several potentially taxable income situations. Depending on what’s happened in your financial life during the year, you could get one or more 1099 tax form “types” or even more than one of the same 1099 forms. ...
A tax Form 1099-INT is a type of Form 1099 issued by US payors to a customer who is a US person that received at least $10 USD in interest during the calendar year. The Form 1099-INT is reported to the US Internal Revenue Service (IRS) and should be used by the individual customer...
This combined income determines your eligibility and the amount of the credit. To claim the PTC, you must report the details from Form 1095-A on your tax return. The credit amount is calculated based on your household income and the cost of available insurance plans. If your household income...
The new threshold for 1099-K forms was originally scheduled to go into effect for the 2022 tax year. On Dec. 23, 2022, however, the IRS postponed the new threshold, and tax year 2022 is now a "transition year,” according to the agency. TPSOs may still issue Form 1099-K with the ...
Owens, who is an attorney at Caplin and Drysdale in Washington, D.C. Owens answers a question about the changes that have been made to tax Form 990, which controls disclosure of executive compensation. The form was revised to bring it up to date and to transition it into an electronic ...
Whether you’re a small business owner or an individual tax filer, you may have heard a lot about 1099 forms. But what exactly are they? What is Form 1099? Use the table below to quickly jump to each 1099 form. Essentially, 1099 tax forms are a series of documents the Internal Revenue...