Does your business need to file a 1099-MISC? The deadline to give recipients their copies of any 1099-MISCs is in three days. Here is some last-minute information about 1099s.
You must file a 1099-MISC if you paid more than $600 per year for:
Medical and health care payments
Prizes and awards
Proceeds paid to attorneys
Services, including parts and materials.
Other types of payments
(Also, if you’re involved in fishing, boating, or agriculture, know that these payments also require a 1099-MISC: cash payments to fish or other aquatic life purchased from anyone in the business of catching fish, any fishing boat proceeds, crop insurance proceeds). Another lesser known instance that requires a 1099-MISC occurs if you’ve paid more than $10 per year for broker payments in lieu of dividends or tax-exempt interests. Finally, if you’ve paid more than $10 per year in royalties, you’ll need to file a 1099-MISC.
January 31: Give recipient his or her copy of the 1099-MISC to report income for the previous calendar year
February 28: Mail 1099-MISC to IRS
March 31: E-file 1099s with IRS