1. Beginning January 1, 1994, a payor of income to whom section 252G.3 is inapplicable, who enters into an agreement for the performance of services with a contractor, shall report the contractor to the registry. Payors of income shall report contractors performing labor under an agreement within fifteen days of the date on which all of the following conditions are met:
a. The payor issues payment to the contractor in an amount which exceeds the amount required for the filing of a 1099- MISC report.
b. Payment to the contractor under an agreement is made in a form which is other than a lump sum payment, within a calendar year.
The payor of income is not required to file more than one report for any contractor.
2. The report submitted to the registry shall contain all of the following:
a. The name, address, and federal identification number of the payor of income.
b. The contractor's name, address, social security number, and if known, the contractor's date of birth.
3. A payor of income required to report under this section may report the information required under subsection 1 by any written means authorized by the unit which results in timely reporting.
4. Information reported under this section shall be received and maintained as provided in section 252G.2.
5. A payor of income required to report under this section who fails to report is subject to the penalty provided in section 252G.3, subsection 5.
93 Acts, ch 79, §6; 94 Acts, ch 1171, §38
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