Does anyone understand the new requirements for IRS 1099MISC forms? Do you have to report anyone that you paid at least $600 for services? I have to chase them down and get their tax number or SS# ? This will be fun.
If in your trade or business (as opposed personally) you pay $600 for services to anyone (also for rents and other types of income), you are supposed to issue them a Form 1099-MISC. That isn't new. Some of the "new" requirements were repealed, but this was the law and still is.
Our CPA just sent us a letter about it. I need to talk to him and clear it up. Hopefully won't be too bad. I believe it will only apply to the farm expenses. Per his letter, we have to get the info from contractors within 3 weeks. I'll post what he says....
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