Sue Ann Ma has served in the financial services industry for more than 30 years. Now president of Seminal Financial Group in Houston, Texas, Sue Ann Ma routinely prepares tax returns for clients.
The 1099-MISC document reports all compensation given to a non-employee over the course of the tax year. It addresses compensation from a wide variety of service providers, including freelancers and outsource companies, and goes to any non-employee who receives $600 or more in compensation or royalties worth $10 or more within a single tax year. It also covers all direct sales of $5,000 or more to a resale buyer who is not a permanent retail business.
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