When Form 8655 Miscellaneous 2024

Hello, I am Bernadette L Harris. I'm a tax and forensic accountant with By-The-Book Accounting, and this video is a quick tax tip for you. Today, we're going to talk about the 1099 miscellaneous form. This is an information tax return that must be filed annually. Basically, what this form does is it tells the IRS that a person has received a payment from you. So, if you are a business owner, you are required to file this miscellaneous income form. Now, let me explain who gets this form. If you're the business owner and you have made payments to individuals, this could include someone who is helping you out in your office, a virtual assistant who doesn't have a business set up yet, or even your child if they have started a business but are not an LLC or an S corporation. In addition, if you're working with any single member LLCs, they will also receive a 1099 form. To determine who should receive this form, you must request a W-9 from anyone that you pay in your business. It's a good practice to have their information on hand. Now, let's discuss when you have to file this form. If you pay someone $10 or more in royalties, such as authors that you work with in your publishing company, they must receive a 1099 miscellaneous form from you. Also, if you pay someone $600 or more in rent, particularly if you're a property management company paying the owner of the property, that would qualify as a rent payment. Additionally, any non-employee compensation, which includes independent contractors working for your business, falls under the requirement for a 1099 form. The amounts for all of these categories must exceed $600 to trigger the requirement. The deadline for filing this form is January 31st, unless...