Internal Revenue Service Form 1099 Payments to Vendors

Federally Mandated Reporting/Disclosure Form

Program Title and Description:

Internal Revenue Service Form 1099 Payments to Vendors

Who is Responsible for Reporting?

Primary Contact
Lori Swindell
Carrington 113
417-836-6162
 
Secondary Contact(s)
Nancy Myers, Accounting Manager
Carrington 113
417-836-4746

Where is Report Physically Located?

Carrington 113

What Should be Reported?

Generally, miscellaneous income for each person to whom the university has paid at least $10 in royalties, or at least $600 in rents, services, prizes or awards, other income payments, medical and health care payments or gross proceeds paid to an attorney. In addition, file a form for each person from whom we have withheld any Federal income tax under the backup withholding rules, regardless of amount.

Specific requirements should be ascertained from each year’s instructions published by the IRS.

When Should it be Reported?

To the IRS - Forms must be filed on or before February 28 (March 31, if filed electronically) of the year following the calendar year in which payments were received, or reimbursements or refunds were made. To student – Forms must be furnished to students on or before January 31 of the year following the calendar year in which payments were received, or reimbursements or refunds were made.

Where is it to be Reported?

To the IRS on magnetic media. Paper forms are mailed to recipients at the addresses provided by the recipients on Form W-9.

Why Should it be Reported?

Penalties from $15 per form to a maximum or $250,000 may be assessed if not file correctly and by dates required.

How is it Reported?

File with the IRS on magnetic media

On paper forms to recipients.

If notification is required, how is it reported?

N/A