Form 1099-MISC

Form 1099-MISC

A form one files with the IRS on which one reports royalties, lotteries, commissions, golden parachute payments, income earned by an independent contractor, and similar payments. The person earning this income receives a copy of the 1099-MISC, which he/she uses to determine income for filing his/her own taxes.
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6041 (i.e., files required reporting forms, such as Form 1099-MISC, Miscellaneous Income).
It should also be noted that PFML applies only to independent contractors paid on an IRS Form 1099-MISC. That form is usually issued to those who work directly as independent contractors for businesses.
One customer, Parimal Shankar, received a Form 1099-MISC, Miscellaneous Income, reporting the fair market value (FMV) of an airline ticket he had purchased by redeeming "thank you points" that Citibank issued as a reward for opening a bank account.
Gig workers may receive information returns (Form 1099-MISC or Form 1099-K) listing certain earnings; whether or not an information return is received, the income should be reported.
A provision in the legislation requires Pennsylvania businesses that pay nonemployee compensation and business income to nonresident individuals, and that are required to file a federal Form 1099-MISC with the Pennsylvania Department of Revenue, to withhold Pennsylvania income tax from payments made.
Payments that are covered include amounts paid in real estate transactions (Forms 1099-S); amounts paid in broker and barter exchange transactions (Forms 1099-B); and payments to attorneys (Form 1099-MISC, if amounts are reported in box 8 or 14).
Form 1099-Misc guidelines for proper use and classification of diverse payments on this form
(202) There are two primary information reporting regimes that are relevant to the sharing economy: (1) Form 1099-MISC information reporting required under I.R.C.
If incurred as part of conducting a trade or business, a tenant may be required to issue a Form 1099-MISC, but only if payments to a landlord reached or exceeded $600, and only if the landlord was not a corporation.
Issue Your 1099s: If you have made income payments of more than $600 to freelancers or independent contractors in 2014, you must issue a Form 1099-MISC in January.
TABLE 1 Examples of the Cost of Compliance Information Cumulative Government collection compliance hours estimate of hourly compliance cost IRS Form 1040 2.7 billion $13 SEC Form 10-k 21.4 million $133 IRS Form W-2 253 million N/A IRS Form 1099-MISC 24.6 million N/A SEC Form S-3 244,399 $1,200
The GAO recommended that Congress require payers to report payments to corporations on form 1099-MISC.