Federal 1099 Filing Requirements (1099- MISC & 1099-K)
In this part, let’s look at the key requirements for both the 1099-MISC and the 1099-K ( Pioneer Educator ). What payments do you need to report and where do you report them? Our goal is to help you better understand your obligation and all the required information you need to collect. Keep in mind there are many types of information returns used for reporting income, but we’ll focus on two of the most common information returns: the 1099-MISC and 1099-K. It is recommended to talk with a tax advisor to understand the reporting requirements for your particular circumstances. 1099-MISC Thresholds and Reporting Requirements In general, companies must send 1099-MISC forms if they’ve paid a nonemployee $600 or more during the year. But, there are other requirements depending on the type of payments and the relationship between the payor and payee. According to IRS guidance, a form 1099-MISC may be required if a company makes the following types of payments: • Royalties: At l...
Comments
Post a Comment