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.