1099-MISC Reporting Requirements

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Introduction
In addition to W-2 filing requirements for employees, employers also have an informational return filing requirement for contractors. The 1099-MISC is used to report amounts paid to contractors. The form provides basic information about the payor & payee including:

1. Name;
2. Address;
3. SSN/FEIN;
4. Amounts paid;
5. Withholding; and
6. State.

Who is Required to File
A 1099-MISC is required to be furnished if royalty payments in excess of $10 were made or payments of over $600 were made for:

1. Rents;
2. Services performed by someone who is not an employee;
3. Prizes and awards;
4. Other income payments;
5. Medical and health care payments;
6. Crop insurance proceeds;
7. Cash payments for fish purchased from a fisherman;
8. Cash paid from a notional principal contract to an individual, partnership, or estate;
9. Payments to an attorney; or
10. Fishing boat proceeds.

Due Date
1099-MISC is due to contractors (box 7) by January 31 to both the IRS and the recipient. For all other payments, January 31 (recipient), February 15 (recipient with box 8 or 14), February 28 (IRS - paper), & March 31 (IRS - electronic) are the due dates.

References
https://www.irs.gov/pub/irs-pdf/f1099msc.pdf
https://www.irs.gov/pub/irs-pdf/i1099msc.pdf

Disclosure
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.