If you receive $600 or more in a year from someone or a company in the course of your trade or business, you should receive a Form 1099-MISC.
Business owners may need to file a Form 1099-MISC for each person or business if they paid at least $600 to in rent, services, prizes, or other types of income.
You need to send your 1099-MISC form to the IRS by January 31 of the year after the tax year in which the income was received.
If you do not file a Form 1099-MISC when you are required to, you may face penalties.