Form 1099-MISC Definition
May 25, 2017Mike Kappel
Form 1099-MISC (Miscellaneous) is an informational form used to report specific payments from an individual, business, or organization to another person or entity. The form is filed with the Internal Revenue Service (IRS) and, in some situations, state tax departments.
In specific situations, the Internal Revenue Service (IRS) requires payers to prepare, file, and distribute Form 1099-MISC (Miscellaneous) tax forms. Information reported on the 1099-MISC form includes funds paid to an independent contractor as well as payments made as commission or royalties. Other forms of miscellaneous income are also reported with this form. The 1099-MISC form is prepared by the person, business, or organization making the payments. The recipient must receive a copy by January 31st the year after the money is paid out. Generally copies are required by state and federal agencies by the last day in February. State deadlines may vary.
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