FAQs about Inventions & Patents
Question: Are taxes withheld from the royalty payments?
Answer - Normally, no.
Question: Will I receive a tax statement for royalty payments?
Answer - If you receive royalty payments of $10.00 or more in the calendar year, your will receive Form 1099-MISC Miscellaneous Income. Payments for less than $10.00 are taxable, but Form 1099-MISC will not be issued.
Question: What is there to prevent a company from licensing a NIST invention and then just sitting on it?
Answer - Potential licensees must submit a plan for actively developing and commercializing the technology. NIST uses it to establish certain technical and commercial milestones in the license agreement which the licensee must meet in order to retain the license.
Contact us for legal assistance with any invention idea or issues related to inventions such as:
Unique Inventions,
Showcases,
World Inventors,
and any other IP related technology legal help.
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