Are you making types of payments that are reportable on Forms 1099 other than the MISC? While not as frequently encountered in Accounts Payable departments as the Form 1099-MISC, many organizations make payments subject to reporting on other Forms 1099. In fact, the IRS receives more Forms 1099-INT than all of the other Forms 1099 combined. While most Forms 1099-INT are used to report bank deposit interest, most any type of interest, including loan interest, interest on late payments and on legal settlements is also subject to this reporting. The Form 1099-B is commonly used to report gross broker proceeds primarily from sales of stocks, but it is also used by other types of companies to report the proceeds from exchanges of services (barter transactions), and redemptions of the company’s own stock such as from employees who acquired the shares as incentive compensation. The Form 1099-K is filed by payment settlement entities, which include merchant acquiring entities and third party settlement organizations, to report credit card payments. There are no corporate, tax-exempt or government exemptions to this reporting. Finally, the Form 1099-S is used to report proceeds from the sale of real estate, which can include long-term easements and rights-of-way.
- Identify the types of payments subject to reporting on Forms 1099-B, -INT, -K and -S, including their different dollar thresholds and exemptions.
- Identify the TIN solicitation and tax withholding triggers for these payments, which are often different than they are for the Form 1099-MISC.
Marianne Couch, JD - Principal, Cokala Tax Information Reporting Solutions, LLC
Marianne Couch, JD, a Principal in the Cokala tax group since its founding early in 2007, is an experienced and well-known advisor on U.S. federal and state tax information reporting compliance. She is a frequent lecturer at major tax conferences and the author of The Master Guide to Form 1099 Compliance and numerous published articles. She is a founding partner of Cokala. Previously, she was for many years the Research Director of the tax reporting specialty firm Balance Consulting, and chaired special training and advisory services provided to large organizations and academic and nonprofit institutions. She also formerly served as the executive director of the National Association of Form 1099 Filers, Inc.
Marianne was an appointee for three years to the IRS Information Reporting Program Advisory Committee (IRPAC), where she was Chair of the IRPAC Subcommittee on Small Business and Self-Employed (SBSE) tax issues.
Marianne formerly served as a Research Attorney for the Michigan Court of Appeals, and earlier as a litigator for a large Michigan law firm, where she represented individuals and large clients in many types of civil actions. She received her JD, cum laude, from the Michigan State University School of Law, and is a member of the State Bar of Michigan.
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