Tax Compliance Tip: 1099 Income Reporting
In a new tip provided by the Vermont Department of Taxes they are reminding people that you must report all 1099 income when you file income tax, even if you did not receive a Form 1099 from a payer.
From the IRS (March 2023): If you made a payment during the calendar year as a small business or self-employed (individual), you are most likely required to file an information return to the IRS. Receipt of certain payments may also require you to file an information return to the IRS. This page is applicable to specific and limited reporting requirements. For more detailed information, please see General Instructions for Certain Information Returns or specific form instructions.
Do not file Copy A of information returns downloaded from the IRS website. The official printed version of the IRS form is scannable, but the online version of it, printed from the website, is not. A penalty may be imposed for filing forms that cannot be scanned.
- Made a Payment
- Received a Payment and Other Reporting Situations
- Not Required to File Information Returns
Visit the Vermont Department of Taxes Compliance Corner Tips and News to learn more.
With offices in Williston and Rutland Vermont, Davis & Hodgdon CPAs has been assisting Vermont’s residents and entrepreneurs for more than 30 years. Our proactive approach makes us more than an accounting firm – we counsel our clients on a wide range of financial and management issues, resulting in better decision making and more confidence in their success. Click here to contact us today and find out how we can help you!
Recipients should not act on the information presented without seeking prior professional advice. Check with your tax advisor about your specific situation or click here to reach out to our firm for additional guidance.
