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Killeen Texas Form 1099-K: What You Should Know

For more information on tax forms and deadlines at Lott, Vernon & Company PC please contact us at 512.828.1301, or visit us at  or call, or click here to  for an on-line inquiry. To make a tax payment to a business corporation or partnership on behalf of another individual. This includes those payments  taken by one person (called the taxpayer) and those taken by other persons through a third party. What is a Business Corporation? “A business corporation is a group of persons, including any individual, who are engaged in doing business for themselves or another for their own benefit.” — IRS.gov For example, if a corporation owns a business and a company, the business' owners are the business corporation and the third party companies through which the work was done. If the corporation has more than one owner, you use the owner's tax ID number.  The business is in the “class” of the business corporation. “For example, both the company and the shareholders are taxed as a separate “class” of business corporation.”   — IRS.gov The IRS does not define “class,” but it does have the following definitions: “Dividend,” generally defined as any distributions from a Class A stockholder to a Class B stockholder that are more than equal to the excess of the dollar amount of the Class A's and Class B's total dividends on such outstanding shares for the taxable year over the excess of the dollar amount of the Class A's and Class B's total taxes payable with respect to such share for such taxable year. As a general rule, dividend income is taxable at the corporate rate. But there are many reasons for determining that not all the distribution will be treated as a dividend for federal income tax reporting purposes. This is the only type of dividend the individual must report upon receiving the distribution. If a “dividend” has been given to the individual at a time before his return is due (for example, when the individual is not yet eligible for a retirement or other retirement pay from his corporation) the shareholder will be taxed on the remaining dividend income as ordinary income. How To Claim Your 1099-K If you receive a Form 1099-K, you should begin the claim process immediately.

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