Why Important online filing of Form 1099-Miscby Taxseer 2290 Form 2290 e file
Taxseer provides a quick and easy form 1099 MISC online filing options to the filers through the online forms that mimic the paper forms. The highly sophisticated Taxseer’s editable online forms have changed the way the filers have been traditionally filing the paper forms and reduced the filing time to minutes instead of hours and days. We also provide the e-file of the extension form 8809 if the filer is not ready to file form 1099 MISC before the IRS due date. This blog provides the critical information that the filer must know before they e-file form 1099-Misc, Miscellaneous Income.
What should be reported on Form 1099-Misc, Miscellaneous Income?
Filers are expected to file Form 1099-MISC for each person to whom they have paid during the year:
- at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest;
- at least $600 in:
- services performed by someone who is not your employee;
- 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,
In addition, 1099-Misc form should be used to report the direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment. Form 1099-MISC must be filed for each person from whom the filers have withheld any federal income tax (report in box 4) under the backup withholding rules regardless of the amount of the payment. Read More
Created on Dec 28th 2018 01:12. Viewed 684 times.
No comment, be the first to comment.