1099-MISC Reporting: Everything You Need To Know
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About 1099-MISC Forms
If your business made payments for services performed for a trade or business by people not treated as its employees you may need to file Form 1099-MISC. Usually, businesses file Form 1099-MISC when they need to report miscellaneous income for payments of $600 by people not treated as its employees.
Common 1099-MISC filing examples include:
- Substitute dividends and tax-exempt interest payments reportable by brokers
- Fees to subcontractors or directors and golden parachute payments
- Fish purchases paid in cash for resale
- Gross proceeds paid to attorneys
- Crop insurance proceeds
- Refer to the IRS
1099-MISC Filing Requirements
If your business is required to file Form 1099-MISC, you will need to provide multiple copies. To avoid penalties, make sure to send the correct copy to the correct audience (when applicable). The following chart will help you determine the correct copy that needs to be send to each audience.
- Copy A: Internal Revenue Service
- Copy B: Recipient
- Copy C: Payer
- Copy 1: State Tax Department (where applicable)
- Copy 2: To be filed with recipient's state income tax return (where applicable)
If you need to file more than 250 1099-MISC forms, you are required to file electronically with the IRS.
In addition to filing Form 1099-MISC to the IRS, you may be required to file a transmittal (cover sheet). If you are sending paper copies to the IRS you will need to include Form 1096. This transmittal is not required if you are filing electronically.
1099-MISC deadlines and requirements vary from state to state. That's why we've developed an easy tool to determine your filing requirement. Visit our Deadline Calculator and we'll tell you the federal, state and recipient deadline for the 2016 reporting year. We’ve also included the number of parts you'll need to help you plan when ordering forms, envelopes and stamps.
NEW! Beginning in 2017 the IRS requires Form 1099-MISC to be filed on or before January 31, 2017, when you are reporting nonemployee compensation payments in box 7.
Our Dedicated Expertise
Understanding all of the rules associated with 1099 reporting can be confusing, but we're here to help. Greatland has full-time experts dedicated to understanding 1099 reporting compliance. We'll help you better understand the reporting requirements and guide you through the process of filing your forms to the IRS, state agency (where applicable) and sending copies to your employees.
We triple our support staff during peak filing time, with extended hours throughout the week and on Saturdays. Quite simply, you will not find better support anywhere in the industry.
1099-MISC Online & Software Filing Options
Greatland has three software options that fit your budget and business needs. All three programs include Federal Filing, State Reporting and Recipient Delivery. Not sure? Click here to Compare Pricing & Plans ...
1099-MISC Paper Filing Options
Greatland has all the 1099 form types you may need to fulfill your filing requirements. We carry the widest selection of 1099 forms, from blank and preprinted to continuous and pressure seal. We also carry various kits and sets, so you can rest assured you have everything you need this filing season.