I received a 1099-MISC for a monetary gift?
You receive a monetary gift as appreciation or a thank you for something you did. Later, you receive a form 1099-MISC reporting that “gift” as other income to you and to the IRS. What does the recipient, in this case, do? Gifts or awards or prizes for services not performed count as other income. If […]
Should I void or correct 1099 forms?
This is a common question. You e-filed incorrect data through the IRS FIRE System. Relax. Others have as well. I have been down this path. You have choices: 1. When you submit a file to the IRS FIRE System, the initial data is sent to the Enterprise Computing Center – Martinsburg. Their address and phone […]
Which copy of form 1099-MISC do we keep?
The 1099-MISC has Copy A, B, C, 1 and 2. Copy A is sent to the IRS along with the 1096. Copy B is sent to the recipient and the recipient keeps that copy. The payer or the business issues the 1099-MISC forms to vendors/contractors should retain Copy C. You don’t have to print […]
