Venmo and other payment apps are becoming a popular way to pay contractors. We talked about the “1099-K exception” in the last post, where if you pay someone via a “third-party processor” you do NOT need to issue a 1099 yourself to that person because the payment processor will send a 1099-K to that person […]
(NOTE: I have been terrible about writing posts this year; I am finally back at a point of being able to blog again, so you’ll see posts more often from me. And if this post is any indication, I have my flair back that so many people liked, of writing with humor and going on […]
Question: does a landlord need to issue 1099s to contractors who perform work on the landlord’s property? Answer: I give a CPE presentation on Form 1099, and I’ve also done far more research into 1099s (especially 1099-MISC) than any sane person should. And I can say, I have an opinion on the answer to this […]
In the tax world, the term “1099” refers to a series of reporting forms issued to recipients of certain types of income.
The question posed to me was: if we rent a conference room from a hotel, do we need to issue a 1099 to the hotel to report the amount of fees paid? My knee-jerk reaction was to say no, because renting a conference room isn’t really a “rent expense” as in an office lease. An office lease would need reported on a 1099, but renting a conference room wouldn’t be. But I never felt 100% confident in that answer.
If you worked in more than one state, you might have a filing obligation in the state where you’re a resident, and in the state you worked in.
You open a savings account at a bank and they give you a toaster or a cooler or a coffee cup as a gift. Is this taxable? It depends on a couple of factors.