Current Forms Required for 2010 Information Request
Information Returns
(1099) Reporting Requirements
The Internal Revenue Service is expanding their audits of 1099 Forms as well as assessment of penalties for failure to issue them. The Internal Revenue Service requires you to report on information returns (1099's) various kinds of payments made to, or certain payments received from, persons who are not your employees (See Attached Reporting Explanation). The IRS uses information returns to match the payments with each person's income tax return to see if the payments were included in income. You must give a copy of each statement you are required to file to the recipient or payer.