In general, the IRS requires that you file Form 1099-MISC, Miscellaneous Income, for each person or business to whom you have paid during the year:
At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, or, generally, the cash paid to an individual, partnership, or estate;
Gross proceeds of $600 or more paid to an attorney.
There are multiple exceptions, the most common of which exempts most payments to a corporation from the reporting requirements.
When your accounting and tax records are sent to our office, please indicate one of the following:
We are not required to file any Form(s) 1099.
We are requited to file Form(s) 1099 and have already or will file them.
We are required to file Form(s) 1099 and wish for GellerRagans to assist us in the preparation.
The filing deadline for 1099s is February 28, 2013.
If you would like to discuss your responsibility for reporting any of your 2012 payments, please contact our office. We would be happy to review your records and advise of filing requirements, as well as assist in the preparation of the forms.
GellerRagans Certified Public Accountants | Advisors