|
1099 FILING REQUIREMENTS
With limited exception, every business must file informational returns (Forms 1099) with the Internal Revenue Service for certain payments made during the course of trade or business. These payments include, but are not limited to, the following:
-
Payments to persons, including partnership and limited liability companies but excluding corporations, of at leaset $600 for services (i.e. accounting, casual labor, etc.) in the course of a trade or business.
-
Payments to persons, including partnerships and limited liability companies but excluding corporations, of at least $600 for rents and $10 for royalties in the course of a trade or business.
-
Payments to persons including partnerships and limited liability companies but excluding corporations, of at least $10 for interest (i.e. interest on officer's loans) in the course of a trade or business.
-
Any and all payments to attorneys, including corporations, for services in the course of a trade orbusiness.
|
