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Requirement for filing 1099-Misc
File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year:
At least $600 in:
- Rents;
- Services performed by someone who is not your employee (including parts and materials),
- Prizes and awards;
- Other income payments;
- Medical and health care payments;
- Crop insurance proceeds;
- Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish;
- Generally, the cash paid from a notional principal contract to an individual, partnership, or estate ;
- Payments to an attorney; or
- Any fishing boat proceeds
Deadline
The deadline imposed by the Internal Revenue Service for printing and mailing recipient copies ( Copy B and Copy 2) of the 1099-MISC form to the recipient by February 2, 2015.
The due date is extended to February 16, 2015, for printing and mailing recipient copies for Form 1099-MISC reporting for payments in Boxes 8 or 14.
Further reading here
Need help navigating through the process? Credo Financial Services is here to help, feel free to contact us.
As the President and Founder of Credo, Dan advises clients with a strategic CFO mentality, in all aspects of accounting, finance, tax, operational strategy and best practices. He also directs the Credo team in establishing the strategies for the growth of the firm and continually raising the bar on its standards of exceeding clients’ expectations.
He has accrued broad financial experience working with companies ranging in revenues from $50,000 to $60 billion.Dan has worked with technology services, software, real estate, retail, manufacturing companies, professional services firms, marketing/advertising agencies, dental practices, medical practices, and various other industries, providing each with the specific financial guidance needed to establish sustained business growth and financial health.
He has accrued broad financial experience working with companies ranging in revenues from $50,000 to $60 billion.Dan has worked with technology services, software, real estate, retail, manufacturing companies, professional services firms, marketing/advertising agencies, dental practices, medical practices, and various other industries, providing each with the specific financial guidance needed to establish sustained business growth and financial health.
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