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The Mysterious Form 1099-MISC- Unveiled!

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  1. UnknownDecember 20, 2014 at 7:35 AM

    The receipt of a certain volume of Forms 1099-MISC can also be a great opportunity for tax planning, such as from consideration of the effects of receipt of income by a business entity.

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  2. Manasa Nadig, The Buzz About TaxesDecember 23, 2014 at 9:49 PM

    Thanks James, you are absolutely right!

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  3. Sean KDecember 25, 2014 at 5:34 PM

    One 1099-MISC problem not discussed is the requirement to report medical and health care payments to corporations and other non-individuals. The IRS requires 1099s to these entities unless the payee is a nonprofit or governmental institution. Unfortunately, the IRS only provides an e-service that identifies tax-exempt hospital entities (often only a hospital's separate tax exempt foundation and not the nonprofit hospital itself), but does not cover the majority of other nonprofit hospitals.

    A small number of states publish lists of some hospitals within their borders, including tax identification numbers, but there does not seem to be an easily accessible national resource. Do you or anyone reading this thread know of a comprehensive nationwide list of nonprofit hospitals that includes tax identification numbers?

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    1. Manasa Nadig, The Buzz About TaxesDecember 29, 2014 at 2:54 PM

      Hi Sean, Good point! I was trying to keep the blog succinct & talk about the more commonly received payments on Form 1099-MISC. I do not know if such a list, as you describe exists for every state. Maybe guidestar.org is a good resource (type hospitals in their search box), however this list from Guidestar would be limited to the hospitals registered with them I guess.

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  4. UnknownJanuary 29, 2015 at 4:58 AM

    Another thing - for those doing farm and ranch returns - payments to veterinarians are considered medical payments. Once you hit the $600 limit you must 1099 them, even if they are a corporation. Oh what fun.

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  5. VinithaFebruary 5, 2020 at 4:41 AM

    This comment has been removed by a blog administrator.

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  6. pranaySeptember 27, 2021 at 2:54 AM

    This comment has been removed by a blog administrator.

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  7. johnnycarolinaOctober 5, 2021 at 7:24 AM

    Great information. Great article. The IRS has changed 1099 MISC Box Information for the current tax year 2021.

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  8. pranayNovember 29, 2021 at 11:53 PM

    This blog information is very useful to everyone. Thanks for sharing. Get services of form 1099 online

    ReplyDelete
  9. johnnycarolinaFebruary 28, 2023 at 7:00 AM

    This comment has been removed by a blog administrator.

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