Form 1099 Archives | EA Journal

Feature Article

Digital Asset Final Regulations: What Tax Professionals Need to Know

In 2021, Public Law 117-58, the Infrastructure Investment and Jobs Act, §80603, required brokers to report transactions involving digital assets similar to stocks. This includes information on sale pr... Tynisa (Ty) Gaines, EA (She/Her)

Winter 2024, Feature Article, crypto, Form 1040, Form 1099, Form 1099-B, Infrastructure Investment and Jobs Act, fair market value, Non-fungible token, NFT, Form 8949, Schedule D, FIFO, tax relief, Public Law 117-58, §80603, broker, digital asset, Treasury Decision 10000, TD 1000, stablecoins, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 111-312, Form 1099-DA, §6045, Reg. §1.1001-7, FMV, First-in-first out, Revenue Procedure 2024-28, Notice 2024-57, Coinbase, Form 1099-S

Representation

Key Considerations When Representing an Undocumented Taxpayer

Millions of American citizens and noncitizens alike have the obligation to pay income taxes every year. For undocumented immigrants, it is no different. In fact, undocumented workers paid $382.9 billion in federal taxes in 2022.i ... Brittany Sabalza, EA

Fall 2024, Representation, representation, immigrants, Form 1099, EITC, ACTC, CTC, §61, ITIN, SSN, §152, §32(c)(3)(A)), §2(b), §6041(a), undocumented, §301.7701, §6109

Practice Builder

Non-practice Ownership Enrolled Agent Career Paths

Introduction The reality of our modern corporate world is that moonlighting is growing at a rate three times faster than the traditional workforce with no signs of slowing down.i Moonli... Dannie Lynn Fountain, EA

Winter 2023, Practice Builder, cryptocurrency, practice management, Form W-2, Form 1099, notice letter

Feature Article

Story of a Worker Classification Case

A potential new client strolled into our office in July 2019 dropping an inch-thick packet of letters from our good friends at the Internal Revenue Service (IRS) onto our conference room table. The resulting dull t... John A. Mitchell, EA

Mar/Apr 2023, Feature Article, representation, Form 2848, Form 1099, Form 4564, Taxpayer Bill of Rights, worker classification, §3401

Success or Failure at the IRS: What Will Make the Difference?

Capitol Corner

Success or Failure at the IRS: What Will Make the Difference?

For the first time, Congress has provided substantial long-term funding for the IRS. The unprecedented rebuilding program, which includes $80 billion of IRS funding over 10 years under the Inflation Reduction Act (IRA, P.L. 117-... Charles O. Rossotti

Mar/Apr 2023, Capitol Corner, Internal Revenue Service, IRS, compliance, IRA, Schedule K-1, Form 1099, Inflation Reduction Act, Return Review Program, Treasury Inspector General for Tax Administration, TIGTA

Can a Taxpayer Deduct Payments if no Form 1099 Is Issued?

Tax Court

Can a Taxpayer Deduct Payments if no Form 1099 Is Issued?

The United States Tax Court recently took up an interesting case which, on its surface, seems a run-of-the-mill case (it is a memorandum decision). However, it has some interesting perspectives related to documentation of payments to contract... Thomas Gorczynski, EA, USTCP

Sept/Oct 2021, Tax Court, Tax Cuts and Jobs Act, Form 1099-NEC, Schedule C, Form 1099, Form 1099-MISC, Nurumbi v. Comm., subcontractor, nonemployee, Uber, Form W-9, PayPal

Excluding Medicare Waiver Payments from Income

Feature Article

Excluding Medicare Waiver Payments from Income

The Internal Revenue Service (IRS) has provided guidance on the tax treatment of certain payments to individual care providers for the care of eligible individuals under a state Medicaid waiver program in IRS Notice 2014-7.i The prog... Laurie W. Ziegler, EA

Mar/Apr 2021, Feature Article, Form W-2, Schedule C, Social Security, SECURE Act, Medicare, Medicaid, waiver, Form 1099, Notice 2014-7, HCBS, home and community-based services, earned income tax credit, EITC, caregiver, Notice CP 2000, Form 1099-MISC, Wisconsin, §131, §1915(c)

Feature Article

Anti-Money Laundering: A Primer

The Problem Despite the prevalence of credit and debit cards, Cash App, and Venmo, cash still is, in many circles, king (or queen). As of November 11, 2020, there was US$2.01 trillion in circulation.Ellie Nava-Jones, EA

Mar/Apr 2021, Feature Article, immigrants, marijuana, FBAR, FinCEN, Form W-2, Colorado, cash-intensive business, Form 1099, AML, anti-money laundering, Financial Bank Account Reporting, PATRIOT Act, Form 8300, Bank Secrecy Act, CTR, SAR, BSA, Form 112, Form W-3, Schedule 1, Washington, TIN