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VA online Form 1099-K: What You Should Know

It  provides information to taxpayers on the distribution of income from sources within the United States and, when filing separately, on the transfer by a nonresident alien individual of the foreign earned income of the individual to the United States for distribution to individuals who are residents here on the date of submission of the return. The information contained in this form may be treated in accordance with sections 56a-5 and 56a-54(a) of the Code, other applicable subpart A of this part and the rules of the Internal Revenue Service or any other applicable income tax authority. The information in this form may also be furnished to a tax-exempt organization, which must report its own foreign financial accounts and foreign tax credits for the filing of a Federal income tax return. The information on the return is due on or before June 15, 2019. The information must be reported separately for each type of return: (1) For filing, not filing. This form does not replace the Federal Taxpayer Identification Number (FIT) for federal income tax returns. Form 1099-K is not a substitute for a return that is filed correctly and completely (see IRM 25.5.1, Information for Taxpayers who Prepare Returns for Certain Types of Accounts) . This is because the income reported is subject to a tax, which is reported in the income tax return. The income shown for the last-minute replacement is based on FIT values for a date different from the date of the initial report. A taxpayer should ensure that, if an IRS Form (EIN) or taxpayer Identification Number (TIN) is required for the purposes of the reporting requirements under this tax form, the correct TIN was provided on the initial return. To obtain a complete copy of a taxpayer's tax return, call the U.S. Internal Revenue Service Customer Services Bureau, Department of the Treasury, at, or use the online customer service page at:. Return the completed Form 1099-K by the due date (30) to be received (31) after issuance. Incomplete return filings may result in an assessment adjustment for any missing information or a tax refund for any income reported incorrectly on the return.

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