How to Quickly Identify Your 1099-MISC Payments

Irene Wachsler
By Jan. 31, all nonprofits must submit a completed Form 1099-MISC to any individual, as well as any lawyer or law firm, to whom they paid $600 or more for services during the previous calendar year – or face financial penalties imposed by the Internal Revenue Service.

As a general practice, it is recommended that you obtain a completed W9 from service providers before you pay for their services. It is also recommended that organizations withhold payments until they receive a W-9. Read more.