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Show 7 099 's due for payments Payments of $600 or more paid in your trade or business for rents, commissions, fees, prizes, awards, etc. during a calendar year to another an-other person (other than a corporation) corpora-tion) require the filing of an IRS information in-formation return. The IRS says that payments such as the above are filed on Form 1099-MISC, "Statement for Recipients Reci-pients of Miscellaneous Income." Interest payments of $600 on a business indebtedness paid to an individual in-dividual in the course of your trade or business are reported on Form 1099-INT, "Statement for Recipients Reci-pients of Interest Income." Form 1099 for earnings for 1990 should have been made available to recipients by Jan. 31. File a copy of the 1099 with IRS by Feb. 28. Free IRS Publication 937, "Business Reporting," gives more details. It can be obtained using the order form in the tax package or by calling the IRS toll-free number, 1-800-829-3676. |