Tax1099 eFiling Overview
December 21, 2022
1099-MISC & 1099-NEC Changes for 2022
The filing season is approaching fast, and business owners and tax professionals should consider the changes to 1099-MISC & 1099-NEC forms for 2022. Spoiler alert: For 1099 MISC, Box number 13 is now assigned to the FATCA filing requirement, and old box numbers 13 to 17 have been renumbered to boxes 14 through 17, respectively.
1099 eFiling Overview 2022
For the tax year, 2022 the IRS has updated the 1099-K filing requirement. Earlier, the filing requirement of $20,000 and 200 transactions as applicable. Now the businesses that processed $600 payments or more must file a 1099-K form. This applies to electronic payments, such as credit cards, PayPal, ACH, and others.
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