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                      Requirement for filing 1099-Misc

                      File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year:

                      At least $600 in:

                      1. Rents;
                      2. Services performed by someone who is not your employee (including parts and materials),
                      3. Prizes and awards;
                      4. Other income payments;
                      5. Medical and health care payments;
                      6. Crop insurance proceeds;
                      7. Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish;
                      8. Generally, the cash paid from a notional principal contract to an individual, partnership, or estate ;
                      9. Payments to an attorney; or
                      10. Any fishing boat proceeds

                      Deadline

                      The deadline imposed by the Internal Revenue Service for printing and mailing recipient copies ( Copy B and Copy 2) of the 1099-MISC form to the recipient by February 2, 2015.

                      The due date is extended to February 16, 2015, for printing and mailing recipient copies for Form 1099-MISC reporting for payments in Boxes 8 or 14.

                      Further reading here

                      Need help navigating through the process? ?Credo Financial Services is here to help, feel free to contact us.

                      Dan Lucas
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