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Form 1099-K Arlington Texas: What You Should Know

If the taxpayer's business and personal income are more than 20,000 per year, they are required to submit a Form 1099-K to the IRS for tax reporting purposes. In addition, certain businesses are required to file a Form 1098-T for information about payments received for the business. To receive the 1099-K form, the payments are reported to the IRS on your annual Form 940 Tax Return. The payment figure will automatically appear on the Form 1096, Payroll Deductions for Filing Year 2014. If the taxpayers' income is less than 20,000, they are required to file on either the Form 1099-K or Form 990-EZ for the reporting year. If the taxpayer's gross payments during the reporting year were all more than 20,000, the taxpayer would be required to pay the appropriate taxes to the IRS. 1099-K for Business Income. Please follow the instructions on the form and do not omit any important information. We may contact you to discuss your requirements with the IRS, so you can obtain your 1099-K. Your response to IRS inquiries regarding the 1099-K is final and may not be changed. Please note: IRS Form 990-EZ and other 1099-K forms are only for use when filing a 1099-K report for the year in which you received more than 20,000 in gross payments to your business entity. However, all businesses and individuals are required to file a Form 1098-T for annual information about payments received for the business and personal taxpayers. In the event you have questions about your 1098-T for the reporting year, please contact our office for further guidance. How to submit 1099-K for your annual accounting.

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