Extinguishment of FIRE is Official The IRS in August set the official end date (and time!) for FIRE — 3 pm Eastern Time on November 19. The IRS has an online public meeting planned to discuss the transition, with one announced for October 28 from 1-2 p.m. Eastern time (click here for the link). Note…
Listen to or watch the podcast on this topic: https://podcasts.dinesenmedia.com/show/information-return-intelligence-1/irs-releases-faqs-on-overtime-with-one-1099-item The IRS has released more frequently asked questions on the overtime deduction. Most of the new FAQs don’t apply to this audience, but there was one FAQ about 1099s: Q7. Under what circumstances is qualified overtime compensation reported on Form 1099-MISC or NEC instead of…
Listen to or watch the related podcast: https://podcasts.dinesenmedia.com/show/information-return-intelligence-1/second-quarter-form-1099-roundup/ 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…
Last week, we looked at the 2026 drafts of Forms 1099-NEC and 1099-MISC. These new boxes refer to qualifying tips and qualifying overtime. The One Big Beautiful Bill (OBBB), signed into law in 2025, creates a new deduction for these items. The deduction is taken on personal tax returns by the worker who received qualifying…
The IRS has released drafts of the 2026 versions of Form 1099-NEC and 1099-MISC. 1099-NEC Draft There are still seven boxes on this form, but box 1 has some changes: 1. Box 1a: nonemployee compensation. This is pay to your contractor; previously, this was simply “Box 1.” 2. Box 1b: cash tips. These will be…
