{"id":6590,"date":"2023-02-03T06:05:36","date_gmt":"2023-02-03T06:05:36","guid":{"rendered":"https:\/\/www.irstaxapp.com\/?p=6590"},"modified":"2023-02-03T06:05:50","modified_gmt":"2023-02-03T06:05:50","slug":"reporting-income-to-irs","status":"publish","type":"post","link":"https:\/\/www.irstaxapp.com\/reporting-income-to-irs\/","title":{"rendered":"Who is Reporting Income to IRS? These 16 Forms Will Reveal That!"},"content":{"rendered":"\n
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Reporting income to IRS or certain transactions that IRS has notified as reportable transactions during the calendar year is a legal obligation for persons engaged in a trade or business, including a corporation, partnership, individual, estate, or trust. The tax law makes it compulsory for the information filers to also furnish a copy to you. Therefore, this tax season 2023, check your mailboxes or inboxes to see if you have received reporting documents.<\/p>\n\n\n\n

Why consult forms reporting income to IRS?<\/h2>\n\n\n\n

The obvious answer is that the IRS a revenue cop! Since IRS gets one copy of the forms issued by the payers, these data will be used to check if those income or transactions are reflected in your tax return. Suppose the IRS return processing system finds any discrepancies or shortcomings in verification with the income reporting forms data. In that case, they will issue a notice \/letter, or your tax return may be selected for IRS audits, leading to tax evasion charges with penalties<\/a> and prosecution. Therefore, when you file your tax return for the year 2022 (tax season 2023 ), you must consult these income reporting documents because when IRS processes the tax return, the data about transactions is already with IRS.<\/p>\n\n\n\n

Quick video on sixteen forms reporting income to IRS?<\/h2>\n\n\n\n
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