The American Rescue Plan Act of 2021 lowered the threshold for reporting on Form 1099K, Payment Card and Third-Party Network Transactions. This form is used to report payments: From payment card transactions (e.g., debit, credit, or stored-value cards), and/or In settlement of third-party payment network transactions above the minimum reporting thresholds. For returns for calendar years after 2021, payors must report gross payments that exceed $600 and any number of transacti

Don't forget your backup withholding deadlines related to Form 945, Annual Return of Withheld Federal Income Tax, and information returns on

On December 16, 2021, the IRS published DRAFT 2022 General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921,

On December 13, 2021, the IRS published 2022 Form 1042-S. There are a number of changes to codes:

On December 14, 2021, the IRS published Form 1099-NEC (Rev. January 2022), a continuous use form. The boxes align a bit differently from the

On December 10, 2021, the IRS published a few Forms 1099 of note.

On November 30, 2021, the IRS published the 2021 Form 945, Annual Return of Withheld Federal Income Tax.

On December 1, 2021, the IRS published Instructions for Forms 1099-INT and 1099-OID and the forms themselves revised for January 2022.

On November 16, 2021, the IRS published DRAFT 2021 Instructions for Form 1042, Annual Withholding Tax Return for U.S. Source Income of Forei

On November 8, 2021, the IRS published Revenue Procedure 2021-45, which includes information return penalties for tax year 2022.

On November 1, 2021, the IRS published Publication 1167, General Rules and Specifications for Substitute Forms and Schedules.

On November 2, 2021, the IRS published Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, a

On October 12, 2021, the IRS published a final October 2021 revision of Form W-8BEN-E and Instructions for Form W-8BEN-E.

On October 5, 2021, the IRS published a final October 2021 revision of Instructions for Form W-8ECI.

On October 4, 2021, the IRS published the 2021 Form 1042-T Transmittal Form. Have a look at the 2021 form here

On October 4, 2021, the IRS published a final October 2021 revision of Instructions for Form W-8BEN. Check-in with your withholding certifi

On October 4, 2021, the IRS published a final October 2021 revision of Form W-8ECI. This means that within six months, withholding agents a

On September 30, 2021, the IRS published final Instructions for Form 8233 (Rev. October 2021).

On September 30, 2021, the IRS published a final October 2021 revision of Form W-8BEN.

During the offseason it is always a good idea to check in on general information reporting rules that may go unnoticed.