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OK online Form 1099-K: What You Should Know
If you are a business owner, you will need to file either Form 1061 or 1099-MISC with your state tax authority for your annual reporting of taxable sales to state and local governments. If you are an individual, you will need to file Form 1099-K to report income and pay your state and local taxes. This year, the filing deadline for 1099-K is January 31. The new forms can be downloaded here: Forms: Forms: The 1099-K reports taxable and nondeductible sales by a seller to a customer or vendor for two- and five-year periods each year. Sales to a customer or vendor should not be characterized as any other sales. Also, any tax not withheld is not taxable to the seller. The 1099-K may be filed electronically using the IRS Online Services system. The IRS will notify you when you file using the 1099-K and will include two forms: a paper return form (IRS Form 1096-S, Sales and Other Dispositions of Property) that must be completed by a taxable seller (e.g., business) and a Form 1096-S-L, Revenue from a Sales or Disposition of a Residential Rental Property, for a residential taxpayer (e.g., owner). The IRS will send the report to each taxpayer. A copy of the report must be mailed to the seller within 30 calendar days of the reporting date and to the local tax authority within 30 days of the taxable sales date (e.g.
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