Publication 583 |
2001 Tax Year |
Information Returns
If you make or receive payments in your business, you may have to
report them to the IRS on information returns. The IRS compares the
payments shown on the information returns with each person's income
tax return to see if the payments were included in income. You must
give a copy of each information return you are required to file to the
recipient or payer. In addition to the forms described below, you may
have to use other returns to report certain kinds of payments or
transactions. For more details on information returns and when you
have to file them, see the Instructions for Forms 1099, 1098,
5498, and W-2G.
Form 1099-MISC.
Use Form 1099-MISC, Miscellaneous Income, to
report certain payments you make in your trade or business. These
payments include the following.
- Payments of $600 or more for services performed for your
business by people not treated as your employees, such as fees to
subcontractors, attorneys, accountants, or directors.
- Rent payments of $600 or more, other than rents paid to real
estate agents.
- Prizes and awards of $600 or more that are not for services,
such as winnings on TV or radio shows.
- Royalty payments of $10 or more.
- Payments to certain crew members by operators of fishing
boats.
You also use Form 1099-MISC to report your sales of
$5,000 or more of consumer goods to a person for resale anywhere other
than in a permanent retail establishment.
Form W-2.
You must file Form W-2, Wage and Tax Statement, to
report payments to your employees, such as wages, tips, and other
compensation, withheld income, social security, and Medicare taxes,
and advance earned income credit payments. For more information on
what to report on Form W-2, see the Instructions for Form
W-2.
Form 8300.
You must file Form 8300, Report of Cash Payments Over $10,000
Received in a Trade or Business, if you receive more than
$10,000 in cash in one transaction or two or more related business
transactions. Cash includes U.S. and foreign coin and currency. It
also includes certain monetary instruments such as certain cashier's
and traveler's checks and money orders. For more information, see
Publication 1544,
Reporting Cash Payments of Over $10,000
(Received in a Trade or Business).
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