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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:

  1. Rents;
  2. Services performed by someone who is not your employee (including parts and materials),
  3. Prizes and awards;
  4. Other income payments;
  5. Medical and health care payments;
  6. Crop insurance proceeds;
  7. Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish;
  8. Generally, the cash paid from a notional principal contract to an individual, partnership, or estate ;
  9. Payments to an attorney; or
  10. 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.

Dan Lucas
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