Fulfill Form 1099 Filing Requirements to Report PaymentsApril 13, 2012 — 1,598 views
Form 1099 gives you the opportunity to provide information about various payments to the Internal Revenue Service (IRS). You can fulfill the 1099 filing requirements by following simple steps outlined by the agency.
A company or nonprofit organization will be required to complete the form if miscellaneous income has been collected during the year. The IRS names at least $10 in royalties, $600 in rent or attorney fees and any fish boat commission payments as some of the reasons you may need to fill out this document.
National healthcare changes will alter the form's requirements starting in 2012. Businesses that pay a corporation at least $600 during a calendar year or gross proceeds greater than that amount will be required to report this information using a Form 1099. Additionally, a company must obtain a tax identification number (TIN) from each impacted person to avoid the requirement for backup withholding of federal income tax.
Contacting businesses or organizations you have paid throughout the year may be the best way to obtain TINs. This allows you to fulfill the Form 1099 filing requirements as you can inform the IRS about the payments made to these entities.