An overview of the 1099-NEC form used for reporting nonemployee compensation in the United States, introduced in 2020 to simplify and distinguish it from other income types.
An in-depth guide to Form 1099-C, a document issued by lenders to report the amount of canceled debt.
Comprehensive guide on IRS Form 8582 used to report passive activity losses, including historical context, importance, applicability, and detailed explanations.
Guaranteed Payments are fixed payments made to partners irrespective of the partnership’s profit.
IRS Form 940 is the tax form filed with the IRS by employers to report annual Federal Unemployment Tax Act (FUTA) tax owed.
An examination of the considerations and implications of receiving a tax refund from a state where an income tax deduction was previously claimed, including its historical context, key events, and detailed explanations.
An in-depth exploration of Schedule K-1 (Form 1065), a tax document reporting each partner's share of a partnership’s income, deductions, credits, and other financial details.
Schedule K-1 (Form 1120S) details the individual shareholder's share of income, deductions, credits, and more from an S corporation.
A VAT Return is a periodic report submitted to tax authorities detailing the Value Added Tax (VAT) collected on sales and paid on purchases.
A comprehensive guide on Form 1099, its usage, types, and reporting requirements for interest, dividends, royalties, capital gains, miscellaneous income, and other distributions.
Explore the concept of Information Return, its significance in tax reporting, and examples such as Forms 1099 and W-2. Understand its purpose and implications for taxpayers and the IRS.
A detailed explanation of the Average Cost Basis Method, including its definition, how it is calculated, alternatives, examples, and tax implications.
An in-depth guide to Form 1099-MISC, detailing its purpose, uses, and various reporting requirements for nonemployee compensation and miscellaneous income.
Guide to IRS Form 2439, which informs shareholders about undistributed long-term capital gains and the taxes paid on their behalf by mutual funds.
A comprehensive guide to Form 6252, including how it works, its purpose, and step-by-step instructions for reporting income from an installment sale of real or personal property.
An in-depth guide to IRS Form 6781, used for reporting gains and losses from Section 1256 contracts and straddles. This article covers the purpose, calculation methods, special considerations, and filing requirements for taxpayers.
In-depth guide on IRS Form 8949, which is used to report sales and other dispositions of capital assets for tax purposes, including instructions, examples, and related considerations.
Comprehensive guide to understanding Form W-2, its purpose in reporting annual wages and taxes withheld, and its importance in tax filing.
An in-depth overview of IRS Publication 15, detailing employer responsibilities for filing and reporting tax information.
Understand who is responsible for reporting the interest earned on U.S. EE savings bonds, and when this interest should be reported to ensure proper taxation.
