January 2021 - Page 2 of 2 - Tax2efile Blog

Instructions to file 1099-MISC and 1099-NEC forms during 2020-21 tax year

Is your company planning to compensate non-employees in 2020? Take a look at the IRS tax forms latest updates. The IRS has declared Forms for 1099-NEC and 1099-MISC. The year-end reporting of 1099 for the year 2020 for non-employee compensation will not be on the 1099-MISC Form in box 7. As an alternative, the Form 1099-NEC filing is crucial. The IRS issued such updates exclusively for Non-employee compensation for a better-streamlined process and to alleviate confusion. Instructions...

Reporting Income Payments Using Form 1099-MISC

Certain types of income are reported through Form 1099-MISC. It is similar to the W2 form for the person who is not an employee. You need to know about this form when you are self-employed or in business and also if you make any payments to individuals, businesses, independent contractors, subcontractors, or vendors for their service. Submit the 1099-MISC form to the IRS also to the entity or person who got payment from you. When you require...

1099-NEC and 1099-MISC: What’s New for 2021 (Form 1099-MISC vs. Form 1099-NEC)

January is a hectic month for most businesses as they have to file their tax reporting forms. Businesses used Form 1099 to file payments for non-contract laborers, rents, brokerage, and attorneys. Now the IRS recommends them to file separate forms to avoid confusion and tax hikes. The IRS Form 1099-MISC As the name suggests, IRS Form 1099-MISC is used to report miscellaneous income by a business that is payable in the course of its trade. Firms use...

Get Ready for Taxes – Steps to Take Now to Make Tax Filing Easier in 2021

The Internal Revenue Service encourages taxpayers to take all needed steps to file the federal tax returns accurately and within the deadline of January 31, for the year 2021. To make sure that the taxpayers do not make any mistakes in the process and do not miss out on the tax benefits, it is important to do some groundwork and research. Here are a few simple and efficient tips to get ready for tax filing and to...

Press Release | E-File Your 1099 Forms (new 1099-NEC) from January 1st, 2020

Tax2efile is an IRS authorized online tax filing service provider, is pleased to announce that taxpayers may begin to e-file Form 1099 starting on January 1, 2021. “Tax2efile offers an advanced and highly secured web-based service to facilitate the electronic filing of the IRS 1099 Tax Forms; such as 1099-MISC, 1099-INT, 1099-K, 1099-NEC, 1098-MORT and 1098-T Forms. “Instead of taking several days to file through paperwork, what if the filing was as easy as filling in some...