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
Katy Hensley, Supervisor, Bursar's Office
Carrington Hall First
Floor
417-836-5128
KatyHensley@missouristate.edu
Secondary Contact
Stephen C. Foucart, Chief Financial Officer
Carrington 119 B
417-836-4563
AccountsReceivable@missouristate.edu
Where is Report Physically Located?
Carrington 102
What Should be Reported?
- 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.
- 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?
- IRS: February 28, (March 31, if filed electronically)
- Vendors: January 31 for the previous year
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