Internal Revenue Service Requirements
for Filing of Form 1099-MISC
All businesses must file
Form 1099-MISC for the following types of payments to an individual,
partnership, limited liability company (LLC) or estate:
at least $600.00
in rents, services, prizes and awards, medical & health care, and
other income payments made in the normal course of business
Attorney fees of
$600.00 or more, or the total amount paid to an attorney if the fee
cannot be determined
Payments to corporations
generally do not need to be reported on Form 1099-MISC, with the exception
of payments made for legal services or health care.
The
information needed to complete Form 1099-MISC is:
Recipient’s full
name
Recipient’s full
address
Recipient’s Social
Security number or Federal Identification number
The total payments
made in 2008 to each recipient
Items 1, 2 and 3 should
be obtained from the payee by requesting that the payee complete Form
W-9. Copy the enclosed blank form whenever you have a new vendor.
Keep your W-9 in a file.
You must furnish Forms
1099-MISC to recipients by January 31, 2009 and to the IRS by March
2, 2009.
If you have made payments
in the course of your business that are required to be reported on Form
1099-MISC, or require assistance in determining your filing responsibilities,
please contact our office as soon as possible.
