Form 1099 is an information return required to be reported to the IRS.
Every person engaged in a trade or business, including an individual, Limited Liability Company, partnership and a nonprofit organization, must file information returns for the calendar year if they made certain payments during the year. The due dates for forms 1099 are January 31st. They must be filed with the IRS and provided to the vendor by this date.
- Payments made totaling $600 or more during the year for services rendered will require a 1099 MISC.
- Rent paid to non-corporate landlords will require a 1099 MISC for amounts totaling $600 or more.
- Non-employee compensation ($600 or more), such as fees, commissions and awards paid to a non-employee for services including professional service fees.
- Interest payments of $10 or more paid to non-corporate individuals during the year will require a 1099 INT to be filed.
- Dividend payments of $10 or more and other distributions made to persons during the year will require a 1099 DIV to be filed.