Heads up all you publishers. If you've paid your authors more than $10.00, you need to give them IRS Form 1099 Miscellaneous. The due date is Feb. 1, and here's the fun part: you can't download the form from the IRS website. I just went to the site and found the PDF which stated very clearly it is for INFORMATIONAL PURPOSES ONLY. Great! Looks like I'll be hunting for a form before Friday!
Here is a link to the instruction PDF for Form 1099.
Here's a good explanation about Form 1099 from Wise Geek:
(from article)A 1099-MISC is a type of tax form. It is used to report miscellaneous income, such as income earned as a non-employee, as well as fees, commissions, rents, or royalties paid during the last tax year. Payments for prizes, awards, legal services, and other non-employee activities may be reported on this form as well.
If a business pays you 600 US Dollars (USD) or more as a non-employee, it is legally required to report it to the Internal Revenue Service (IRS), using a 1099-MISC form. For royalty income, a 1099-MISC must be generated for $10 USD or more in royalties. As the payee, you’ll receive your own copy of the form. Once you receive it, you should check it carefully for errors and keep it in a safe place. You’ll need to use it to report this income on your tax return.
(click the link for the full article).
Just another fun thing to do when you're a publisher.
Now will someone please tell me WHY the form cannot be downloaded from the website?