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Form 1099-K Corona California: What You Should Know
The new guidance and reporting requirements will reduce the number of taxpayer errors that will require the IRS to file a penalty tax return; 1099-K: What's New For 1099-K? Sep 24, 2023 — The 1099-K is a form that reports certain payment transactions with a purpose of improving voluntary tax guidelines for recipients and the tax collector regarding withholding and reporting. The new standard reporting forms will reduce the number of tax error[s] that the IRS will need to file a penalty tax return; and the IRS will increase the frequency and level of information that it needs to report, which will be particularly important to smaller businesses [see the link, above]. In addition, the new form includes additional information to aid tax collectors in determining if a person is a resident of, or a nonresident of. California. “The new form is in addition to the existing Reporting Required To Collect Tax For Reporting Income from Non-Wage Sources (1038) form; therefore, the 1099-K is not the end-all, be-all for all forms reporting nonage income. However, the 1099-K may be helpful when calculating the tax due to the IRS. It is helpful for some business clients who can take the extra time to complete the required information regarding income from non-wage sources. It is most useful as part of a comprehensive tax return.” — Steve W. Martin, CPA, CA, CA, CARS Certified Public Accountant Understanding Your 1099-K “1099-K: Will Small Businesses Be Ready For The New Form? “ Oct 4, 2023 — The next major changes to the payment card and third party network reporting rules will be released in 2019. The proposed changes are related to the new and existing income tax forms and the fact that these income reports are for reporting the source of income. This new report requirement will significantly impact the number of taxpayers being incorrectly reported as non-resident and the number of taxpayer errors that require a penalty tax return.” — Stephen W.
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