Businesses need to mail their 1099s by January 31. Businesses file a 1099 MISC for payments to independent contractors ONLY for those payments NOT PAID with a credit card or debit card. A 1099 MISC needs for be issued for each person you paid at least $600 to for rents, services including parts and materials, prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish, any fishing boat proceeds or gross proceeds paid to an attorney.
Report on 1099 MISC only when payments are made in the course of your trade or business. Non profits are considered to be in a trade or business.
Need help with your 1099s call KatTax at 702-796-1040
No comments:
Post a Comment