New questions on your personal income tax: Schedules C, E, and F ask you…

Did you make any payments in 2011 that would require you to file Form(s) 1099?
If “yes”, did you or will you file all required Forms 1099?

How do you know if you need to report on a 1099 to the IRS?

The most likely 1099 reporting you face from your small business, rental or farm is the 1099-misc.

Per the IRS:  file Form 1099-MISC for each person to whom you have paid during the year:

• At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest;
• At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
• Any fishing boat proceeds; or
• Gross proceeds of $600 or more paid to an attorney.

Please contact us if you need assistance meeting your 1099 reporting requirements.  We can help.