Form 1099-MISC, Miscellaneous Income
The Form 1099-MISC is used to report miscellaneous compensation such as rents, prizes and awards, medical and healthcare payments, and payments to an attorney made by a trade or business to others.
The Form 1099-MISC skill has been trained on a smaller set of documents. The most important data fields are defined and labeled.
Customers can use this Framework skill as a starting point to label additional required fields, for further training based on incoming documents, or to adjust business rules to their own requirements.
- The model automatically detects all fields on 1099-MISC forms and extracts data including Year, Payer's Name Address Phone, Payer's TIN, Recipient's TIN, Recipient's Name, Recipient's Street Address, Recipient's City Town, Account Number, etc.
- Business rules can be added as required, for example, to check the year for which the form was submitted, or to set a minimum threshold for income.
- Incorporate human-in-the-loop review and verification based on accuracy thresholds, missing or incorrect information.
- Start with the 1099-MISC framework skill and continue to train it on your documents and easily connect into your business processes.