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Form 1099 Corrected Definition

September 14, 2015

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Short Definition 
Form 1099 is an informational tax form filed with the Internal Revenue Service (IRS) to report specific types of payments. If an error is found after the form has been filed, the information must be corrected and resubmitted to the appropriate federal and state agencies.

Expanded Definition
Payments of $600 or more made to independent contractors in one year are reported using Form 1099-MISC. Any royalties paid of $10 or more per year are also reported on this form. When errors are discovered after the form has been filed, the information must be corrected and a revised version sent to the IRS and appropriate state tax departments as soon as possible.

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