What you Need to Know About 1099's

January 31st is the deadline for issuing and filing 1099's. Here's what you need to know:

2010 Rules:

File form 1099-MISC to each person to whom you have paid during the year:

• At least $10 in royalties
• At least $600 in rents, services, or other income payments to an individual, partnership, or estate
• Corporations do not require a 1099
• Gross proceeds to an attorney