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Reporting requirement for certain payments

If you made payments in the course of your trade or business – you might need to report them on form 1099-MISC.

Conditions that require the 1099-MISC reporting:

  • Payer: any U.S. taxpayers and nonresident alien (filing 1040NR tax returns).

  • Recipient: any U.S. individual, partnership, LLC, lawyer or law firm.

  • Amount: over $600.

  • The payment was for: rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, Attorney fees.

  • Paid at least $10 in Royalty payments or broker payments in lieu of dividends or tax-exempt interest.

Do not file form 1099-MISC for:

  • Payment made to Corporations.

  • Payments made by credit card or via PayPal.

  • Payments for merchandise, telegrams, telephone, freight, storage, and similar items.

  • Payments of rent to real estate agents.

  • Wages paid to employees (report on Form W-2, Wage and Tax Statement).

  • Personal Payments.

When to file form 1099-MISC:

  • All vendors, independent contractors and service providers must receive Form 1099-MISC from you by January 31.

  • Copy A of Form 1099-MISC together with Form 1096 must be filed with the IRS by January 31.

  • Create a list of all your vendors, contractors and other payment recipients.

  • The list should indicate all necessary information needed to prepare the 1099-MISC form: legal name, address and taxpayer identification number.


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