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Medical Expenses and Payments Policy

As stated in Section 6041 of the IRC, during the course of trade or business, payments made to physicians, dentists, medical suppliers, proprietary hospitals, laboratories, medical centers, and payments made under health, sickness, or accident insurance plans equal to, or in excess of $600 for medical or healthcare expenses are to be reported on the 1099-MISC return. However, do not report payments made to tax exempt or government owned hospitals (such as Wake Medical Center and UNC Hospitals). Such payments are considered exempt under IRS Code Section 501.

Medical and healthcare expenses are defined as drugs, injections, and other medical services provided by a physician, dentist, medical supplier, proprietary hospital, or medical center. List the legal name of the business providing the service as the recipient rather than the individual performing the service. Report medical expenses and payments using the EIN for the business.

Payments to Veterinary Clinics and Animal Shelters that are incorporated are included in this reporting requirement. Additionally, if the Veterinarian is a sole proprietor, the services provided are subject to reporting on a 1099-MISC Form.