When are Gross Proceeds Reportable on the 1099 MISC Tax Form? -www.form1099online.com
In general, every business owner who makes gross proceeds in a tax year must EFile 1099 Misc if:
● Services performed on the course of legal activity
● The amount totaling exceeded $600 in a tax period.
● Compensations paid not for performing attorney’s services.
For example, if you paid a lawyer $700 for performing legal services, then the first thing you need to do is:
Check whether the lawyer – an individual/Corporation.
If corporation members make sure that the lawyer – C or S corporation
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Make sure that the amount made $600 or more to report it on the 1099 MISC Tax Form.
Finally, identify whether the payment for performing legal service related to business or trade.
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