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About IRS Form 1099 | Purpose of 1099 Form

The IRS Form 1099 reports income from dividends, interest, government payments, self-employment earnings and more. It is basically a series of important documents which is referred to as information returns by the IRS or Internal Revenue Service. There are different types of IRS forms reporting varied types of income that an individual might be receiving throughout the year apart from the salary paid by an employer. The entity or the person paying the amount bears the responsibility...

What to Do? If You Didn’t Receive a Form 1099?

If you are an independent contractor or a small business owner you should have received a 1099 form from the IRS for the work you have done. So what should be done if you don’t receive one? As a small business owner or business contractor, if you earn over $600 form any individual or company, the said individual or company is supposed to issue an IRS 1099 MISC form for the work you have done. This form...