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Who Should Receive a 1099-MISC?

by Lake
(British Columbia, Canada)

For my U.S. readers, I just thought I'd let you know about Wayne Davies's blog - Self Employed Tax Deductions Today. His newsletter links to his blog.

His January 25th blog was about the February 1 filing deadline for 4th quarter payroll tax returns, year-end payroll form W-2, and the self-employed tax form 1099-MISC.

He goes into details on who should be receiving the 1099-MISC form.

You may also want to check out his December 24th posting on what is deductible for the self-employed person in the United States.

Here is a link where I summarize his thoughts on what it takes to pay zero taxes.

I'm not an expert on U.S. tax ... so maybe some U.S. readers and / or bookkeepers could weigh in and comment on this blog.

You can find his blog here.

Comments for
Who Should Receive a 1099-MISC?

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Jul 07, 2010
 New 1099 Rules Start in 2012
by: Bookkeeping Essentials

Currently 1099-MISC reports on payments, such as fees, commissions and compensation, made to unincorporated businesses and individuals. Small business owners are most likely to issue them to independent contractors and freelancers. Up until now, most corporations have been exempt from 1099-MISC reporting.

Starting in 2012, businesses will have to issue a 1099-MISC to anyone they pay $600 or more in "gross" goods and services annually ... including corporations.

The WebCPA website says that the IRS are considering exempting payments made by debit and credit cards ... as these are already reported by the banks and payment processor.

These changes are coming as a result of healthcare reform with the goal to better track under reported income. The accountingweb website says you will need to obtain a TIN for each payee ... otherwise you will need to withhold federal income tax, currently at 28%. You, as a small business owner, will also need to obtain a TIN.

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