Effective Date: 09/21/06
Policy Statement 8: 1099 Reporting
East Carolina University is required by the IRS to report payments to vendors
and individuals if amount paid is $600 or more for a calendar year in the following
- Rents – Payments
of $600 for all types of rents, such as real estate rentals paid for office
space (unless paid to a real estate agent), and machine rentals. If the machine
rental is part of a contract that includes both the use of the machine and
operator, the rental should be prorated between the rent of the machine and
the operators charge.
- Royalties – Gross
royalty payments of $10 or more.
- Other Income - Other income
of $600 or more for punitive damages, prizes and awards that are not for services
performed, awards to students, participants, etc. Employee awards and prizes
are not included and are reported by the Payroll office on your W-2 form.
- Medical and Healthcare payments
– Payments of $600 or more made to each physician or other supplier
or provider of medical or health care services.
- Non-employee Compensation
- Compensation of $600 or more include fees, commissions, prizes and awards
for services performed as a non-employee, other forms of compensation for
services performed for your business by an individual who is not your employee.
- Gross Proceeds Paid to an Attorney
– Report gross proceeds paid to an Attorney in connection for legal