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Do I need to send 1099s?

11/26/2018

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1. Considered “goods” and not reportable:  Payments for merchandise, telephone, freight, storage, and similar items.
2. Credit Card payments are reported by merchant services provider on Form 1099-K.
3. Entities treated as corporations for tax purposes do not need to receive 1099s.
4. Corporations paid for attorney fees or health care services are not exempt from 1099 filings. 

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New vendor
When you hire a new vendor, request that they send you a copy of their W-9.  It has the information needed to prepare 1099s.  If a vendor will not send their W-9, you may be required by the IRS to withhold 28% of payments to the vendors.

<<< Click to download W-9 form.

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1099s
1099s may be generated using your accounting system (QuickBooks Online, etc) or an online service (tax1099.com, 1099online.com, etc), or hand written.

<<< Click to download 1099 form.

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    Lauren Gann, CPA

    Proving resources for your accounting questions

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