Posts tagged irs

What is this a 1099-K?

If you a business owner or service provider of any sorts, you should be familiar with the 1099 form, especially if you are an independent contractor.  Starting this year in 2012, any gross amount of income that you received in 2011, that was settled by a  third party network for example eBay’s PayPal, Google Wallet, or Amazon will now be reported on a new tax form called the 1099-K Merchant Card and Third Party Payments form.  This new 1099-K tax form has been considered a way for the IRS to flag upcoming audits.  Read more here.

Share

IRS Cracksdown on Identity Theft

Since the IRS open the tax filing season on January 17, 2012, the Justice Department’s Tax Division and local U.S. Attorneys’ Offices targeted 105 people in 23 states on indictments, arrests and the execution of search warrants involving the potential theft of thousands of identities and taxpayer refunds.  Along with 939 criminal charges which included 69 indictments and information related to identity theft.  Read more here.

If you enjoyed this article, subscribe here to get instant blog posts sent to your email.

Share