What if the payments are received for administrative work from the hospital? Would it still be reported on Sch C? If yes, what should be the description of the business and the business activity code for a physician who is salaried and does not have a business per se?
Thank you.

Zip Code: 38060

If you get paid as an independent contractor, you have a business, and will need to report that income, and the corresponding payments, on a Schedule C.

Below is a link to all the business codes to use on the Schedule C. You'll need to find the one that bests describes this business.

http://www.irs.gov/instructions/i1040sc/ch02.html#d0e1249


For physicians, I often use the code 621111 even if that person isn't performing medical services, but is a physician acting in another capacity.

Zip Code: 01801