Do you have a trade or business (including rental property)? Are you required to prepare and file 1099-MISC Forms? The IRS includes two questions concerning Form 1099 on Form 1040 Schedules C, E and F. These questions are also on Form 1065, 1120 and 1120-S. In order to prepare your 2013 tax return, we must answer these two questions: 1. Did you make any payments in 2013 that would require you to file Form(s) 1099? 2. If “Yes”, did you or will you file all required Forms 1099? Which payees require a Form 1099-MISC? Any single payee • Who is not your employee • Who is an unincorporated individual or company (including LLCs without a corporate tax classification). • Who received payments which total $600 or more for the calendar year. What types of payments are reportable on Form 1099-MISC? • Nonemployee compensation – payment for services (repairs, professional services, subcontractors, commissions, etc…) o This includes fees to an attorney (including corporations) • Rent – all types of rent for real and personal property o 1099-MISC is not required for payments to a real estate agent If you would like the staff of Beth W. Belk, P.A. to prepare Form(s) 1099-MISC for your trade or business for 2013, please contact the office immediately. These forms are due to the payee/recipients on or before 01/31/2014.
Posted on: Tue, 21 Jan 2014 14:01:27 +0000
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