W-4 Employee’s Withholding Allowance Certificate
W-9 Request for Taxpayer ID#
Who is required to file a 1099MISC?
- A 1099- MISC must be prepared by persons engaged in trade or business who make payments of at least $600 during the year for services rendered and/or rent paid to any recipient. These must be prepared for all recipients that are not incorporated, unless the payment is to a corporation for legal fees. Also, royalties of at least $10 and the sale of good to a buyer for resale of $5000 or more.
- Examples include nonemployee compensation, rent, attorney fees, accountant fees, sublet, maintenance, etc.
In addition, Interest and Dividends paid must be reported on forms 1099INT or 1099DIV.
In addition, it is important to properly classify a paid worker to avoid penalties. See: Employee vs. an Independent Contractor.