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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29576
Experience:  Taxes, Immigration, Labor Relations
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I clean a local bank in town that will issue me a 1099 misc

Customer Question

I clean a local bank in town that will issue me a 1099 misc form at the end of the year. I want to take on some help but in order to do that and for that person to be covered under my liability insurance, I will have to issue them a 1099 form at the end of the year. Can I do that? Do I need to form a company in order to do that?
Submitted: 2 years ago.
Category: Tax
Expert:  Lev replied 2 years ago.
Hi and welcome to our site!Yes - if you have contractors - they may be covered under your liability insurance.However - you need to verify your insurance policy if that policy covers contractors.If you are not sure - you need to verify with your insurance agent.
Expert:  Lev replied 2 years ago.
Regarding form 1099MISC ...You are required to issue that form 1099MISC for each person to whom you have paid during the year at least $600 for services performed in the course of your business.That reporting amount includes parts and materials (if any) - and that amount is reported in box 7 payments made during 2015 - furnish Copy B of this form to the recipient by February 1, 2016.
Expert:  Lev replied 2 years ago.
For IRS filing...
File Copy A of this form with the IRS by February 29, 2016. If you file electronically, the due date is March 31, 2016.
Copy A of this form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. The official printed version of Copy A of this IRS form is scannable, but the online version of it, printed from this website, is not. Do not print and file copy A downloaded from this website;
So - when you file to the IRS - you either order forms from the IRS or purchase in a local store.
Or you may file electronically using third party providers.
You will need to use form 1096
and have all 1099MISC forms attached to that form 1096 when mailing to the IRS.
Let me know if you need any clarification this matter.

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