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Circular 230: An Overview

Circular 230 is an important document because it governs the rules of practice before the IRS. Taxpayers should be aware of the provisions of Circular 230.

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IRS Form 1099: Informational Returns – Part Two

Continued from: IRS Form 1099: Informational Returns – Part One IRS Form 1099-K Form 1099-K, Merchant Card and Third Party Network Payments reports those payments made with a credit card or payment card; this includes third party network transactions. The amounts that businesses report are specific to third party settlement organizations and $20,000 or more […]

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IRS Form 1099: Informational Returns – Part One

Information returns are tax documents that businesses are required to file to report certain business transactions. Businesses are required to file these reports to the Internal Revenue Service. The requirement to file information returns is mandated by IRS and related regulations. “Any person, including a corporation, partnership, individual, estate, and trust, who make reportable transactions […]

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