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Form 1099-MISC

Form issued to independent contractors to report various types of incomes.

Form 1099-Q

Payments from qualified education programs

Form 1099-B

Proceeds from Broker and Barter Exchange Transactions

Form 1099-S

Proceeds from real estate transactions

Form 1099-DIV

Used by banks and other financial institutions to report dividends and other distributions to taxpayers and to the IRS

Form 1099-G

Used to report unemployment compensation as income, to be taxed accordingly.

What are 5 non-deductible expenses include?

1) Rent and insurance premiums paid for the taxpayers own dwelling. 2) Life insurance premiums paid by insured 3) Upkeep of personal car 4) Personal interest 5) Payments for food, clothing or domestic help.

Taxpayers innocent of any tax related crimes who do need the voluntary disclosure program to seek protection from prosecution can correct past mistakes using 1 of 4 procedures. Which are?

1) Streamlined Filling Compliance Procedures (SFCP) 2) Delinquent FBAR submissions procedures 3) Delinquent International information return submission procedures 4) Filling an amended or past-due tax return

Form 1099-R

Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

Form 1099-SA

Distributions From an HSA,Archer MSA, or Medicare Advantage MSA

Difference between FBAR and Form 8938

FBAR is not filed with an individuals federal income tax return and must be filed online with the Financial Crimes network by April 15. Form 8938 is filed with annual returns.

FORM 8865

Interest in Foreign partnerships, this form must be filled if it the U.S. person meets one or more of these categories; 1) 50% or greater ownership 2) 10% or greater ownership of U.S. controlled partnership. 3) Contributed property (a) resulting in at least 10% interest, or (b) with a value of more than $100k. 4) Had a reportable event (acquisition, disposition or change in proportional interest)

Form 1099-K

Payment Card and Third Party Network Transactions

Form 1099 OID

Original Issue Discount

FBAR. And when is it used?

Report of Foreign Bank and Financial Accounts. A person who has an ownership interest, financial account or several accounts in a foreign with a value of >$10k at any time during the calendar year must report this form by April 15.

Global Intangible Low-Taxed Income (GILTI)

Separate tax requires taxpayers who own at least 10% of the value or voting rights in 1 or more foreign corporations to include GILTI as current taxable income and file form 8992.

Form 8938

Statement of Specified Foreign Financial Assets. May have to file if you have any financial interest in or signature authority over a financial account located in a foreign country if the value is greater than $50k at the last day of the year or if it was more then $75k at anytime during the tax year.

Form 1099-PATR

Taxable Distributions Received from Cooperatives

W-2G

This form is used to report income and withholding that is related to a taxpayer's gambling winnings.

Form 3520

U.S. person files this to report certain transactions with foreign trusts, ownership of foreign trusts.

Form 1099-INT

a statement of the interest your bank paid on your savings for the year

Form 1099-C

cancellation of debt

Form 5471

is used by US citizens and residents who are officers, directors, or shareholders in certain foreign corporations. It is filed with the tax return.

Voluntary Disclosure Program

provides a way for taxpayers with previously undisclosed income to contact the IRS and resolve their tax matters. This program does not apply to taxpayers whose income is derived from illegal activities. The voluntary disclosure practice is a longstanding practice of IRS