![]() Accordingly, the information provided should not be relied upon as a substitute for independent research. does not have any responsibility for updating or revising any information presented herein. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Applicable laws may vary by state or locality. Additional information and exceptions may apply. This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business. Alternatively, you may need to file Form 1099-MISC if you paid over $600 for: Specifically, it covers payments above $10 in royalties or broker payments in lieu of dividends or tax-exempt interest. 1099-MISCīusinesses use a 1099-MISC to report miscellaneous payments. Income from a checking, savings, or other bank accounts that earn interest goes here. 1099-INTįorm 1099-INT notes income from interest. Anyone who receives dividends must report them here. The most popular ones include: 1099-DIVĪ 1099-DIV reports on income from stocks and mutual funds. 1099s can fall into different categories that can include dividends, interest, and other forms of income. While Form 1099-NEC focuses on contractors, other IRS Schedules account for other types of income. What are the different types of 1099 forms? Notable datesīusinesses must send 1099-NEC to contractors by Jan. Who needs to file Form 1099?Īny business that hires a freelancer or contractor. Reporting pay to independent contractors. It reports contractor income similar to how Form W-2 reports employee income. For large and small businesses, quarterly taxes must reach the IRS or receive a postmark by:īusinesses send Form 1099-NEC to independent contractors whom they paid at least $600 within a calendar year. The IRS wants Form 720 by the last day of the month following the end of a quarter. Who needs to file Form 720?īusinesses that sell products or services with excise tax liability. Paying the excise taxes on certain business activities. Ship passenger tax (transportation by water). ![]() Retail tax (truck, trailer, and semitrailer chassis and bodies, and tractor).Communications and air transportation taxes.Substances covered by excise tax include: More specifically, excise refers to tax obligations incurred when a good is manufactured, instead of when it’s sold. Businesses pay excise tax on specific goods and services manufactured or imported into the U.S. Businesses that pay federal excise taxes file Form 720 every quarter.
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