A 1099-MISC is a type of tax form. It is used to report miscellaneous income, such as income earned as a non-employee, as well as fees, commissions, rents, or royalties paid during the last tax year. Payments for prizes, awards, legal services, and other non-employee activities may be reported on this form as well.
If a business pays 600 US Dollars (USD) or more as a non-employee, it is legally required to report it to the Internal Revenue Service (IRS), using a 1099-MISC form. For royalty income, a 1099-MISC must be generated for $10 USD or more in royalties. As a payer, you may have to provide them a 1099-MISC form.
Deadlines for 1099-MISC Forms
- Provide the recipient with his or her copy of the Form 1099-MISC by January 31 reporting income for the previous calendar year.
- Mail the Form 1099-MISC to the IRS by February 28.
- Or electronically file 1099s with the IRS by March 31.
No comments:
Post a Comment