The Form 1099 family reports payments other than wages. Businesses use Form 1099-NEC for nonemployee compensation paid to contractors, and Form 1099-MISC for items such as rents. Financial institutions issue 1099-INT and 1099-DIV for interest and dividends. Filing thresholds and due dates are set by the IRS and have changed in recent years, so they should be confirmed for each tax year.
Accurate 1099 reporting depends on collecting taxpayer information, usually through Form W-9, before payment and on keeping clean vendor records. Contractors and agricultural businesses that pay many subcontractors or custom operators benefit from tracking W-9 status and payment totals throughout the year rather than reconstructing them in January.