Listen to or watch the associated podcast: https://podcasts.dinesenmedia.com/show/information-return-intelligence-1/new-online-ein-verification-and-second-b-notices-can-you-use-it/ The IRS has announced an enhancement to online Business Tax Accounts that allows businesses with such an account to download an EIN verification letter. The IRS says this letter can be used in place of Letter 147C. But can it be used in a B-Notice setting? I…
Another Draft W-9 Released in May — EIN Prohibition on Individuals is Gone The IRS in May released another draft of a new W-9, and this draft removed the prohibition on an individual/sole proprietor from using an EIN. In this latest draft, the only thing listed under “What’s New” is a new backup withholding exemption…
Watch or listen to the related podcast: https://podcasts.dinesenmedia.com/show/information-return-intelligence-1/form-1099-k-part-2-why-the-600-threshold-was-reversed-2/ In this part of our 1099-K series, I want to talk more about perspectives on 1099-K. Specifically, why the government tried to change the 1099-K threshold to $600, and why there was outcry about this. Unreported Income A survey by Avalara (https://newsroom.avalara.com/2025-01-30-Avalara-Survey-Shows-Gig-Economy-Workers-Caught-Off-Guard-by-Lower-1099-K-Reporting-Threshold) conducted when the threshold was…
Listen to or watch the related podcast: https://podcasts.dinesenmedia.com/show/information-return-intelligence-1/1099-k-part-1-understanding-the-rules-and-the-reporting-gap/ This article will attempt to cut through some of the confusion surrounding Form 1099-K. This form has been in the news since 2022, with the reporting threshold being a moving target ever since. And now, the One Big Beautiful Bill (OBBB) has re-set the threshold back to…
Listen to or watch the related podcast: https://podcasts.dinesenmedia.com/show/information-return-intelligence-1/treasury-aligns-backup-withholding-with-new-1099-reporting-thresholds/ The Treasury Department recently released proposed regulations to update backup withholding thresholds to conform with the increased reporting thresholds for many 1099’able transactions. Background The One Big Beautiful Bill Act (OBBBA) changed sections 6041 and 6041A to increase the reporting threshold from our old, familiar $600 threshold…
Watch or listen to the related podcast: https://podcasts.dinesenmedia.com/show/information-return-intelligence-1/the-kwong-case-a-big-tax-deal-but-what-about-information-returns/ A recent ruling by the US Court of Federal Claims could open the door to relief from some penalties and interest refunds incurred during COVID. You may or may not have heard of this case, and at any rate, the news articles on it have centered on…
Watch or listen to the associated podcast: https://podcasts.dinesenmedia.com/show/information-return-intelligence-1/powwows-prizes-and-1099s-lessons-from-a-2026-irs-ruling/ Catching up on some other 1099 news so far in 2026, back in January, the IRS released an interesting private letter ruling (PLR) in which it dived into whether or not a Native American tribe needed to issue a 1099 to a winner at a powwow. We…
Listen to or watch the related podcast episode: https://podcasts.dinesenmedia.com/show/information-return-intelligence-1/iofm-conference-takeaways-anxiety-complexity-and-ai/ Last week, I was at the IOFM spring conference in Orlando. I have always felt like this is a great event because IOFM is a high-quality organization, and IOFM members are high-quality professionals. I do all of the education on 1099s and other information-reporting issues at…
Question: If Company A issues a check to a payee, then later, Company A has to reissue that same check due to the payee losing the check, does Company A need to do an amended 1099-NEC if it crosses tax years? Answer: No. The question is asking about an organization issuing a check in, say,…
Listen to or watch the podcast on this episode: https://podcasts.dinesenmedia.com/show/information-return-intelligence-1/latest-w-9-draft-irs-reverses-course-on-sole-proprietor-ein-rule/ The IRS on Monday released another draft of a new W-9, and this draft has removed the prohibition on an individual/sole proprietor from using an EIN. In this latest draft, the only thing listed under “What’s New” is a new backup withholding exemption code that…
