Who must file?
Payments incurred in trade or business must be reported on 1099 MISC if payments are made in the amount of at least $600 or more for rent, services, prizes and awards, and other income payments. According to the law, trade or business is generally an activity to make profit. Personal payments are not reportable. Organizations subject to file 1099 MISC include trust of qualified pension or profit-sharing plans of employers, certain organizations exempt from tax under section 501(c) or (d), farmers’ cooperatives that are exempt from tax under section 521, and widely held fixed investment trust and non-profit organizations. Payments by federal, state, or local government are subject to these reporting requirements as well.
Warren M. Bergstein, CPA
Adelman Katz & Mond LLP
- Partner with Adelman Katz & Mond LLP
- More than 40 years of experience in tax preparation, trust and estate administration, personal financial planning and accounting
- Adjunct professor of accounting and taxation at Long Island University
- Writes for professional journals and lectures extensively before professional audiences on a variety of tax and financial planning topics
- M.S. degree in taxation, with distinction, Long Island University; B.B.A. degree in accounting, Bernard M. Baruch College, City University of New York
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