Who needs it?
The payment must be $600 or more per year for services and it should be done in the course of your trade or business. All LLCs must be issued a 1099-MISC. For an S-corporation or C-corporation, generally you do not have to report 1099–MISC income, but you need to also consider these exceptions.
- Attorney’s fees
- Medical and health care payments (such as for pre- employment physicals)
- Fish purchases for cash
- Gross proceeds paid to an attorney (such as for legal settlements)
- Substitute payments in lieu of dividends or tax-exempt interest
- Payments by a federal executive agency for services
Electronically filed 1099-MISC forms are directly transmitted to the IRS from the Tax1099.com system. IRS e-filed acceptance acknowledgment comes within 3 to 7 business days.