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 […]
This is part 3 in our in-depth look at whether owners of rental properties need to issue 1099s. In part 2, we closed with an opinion given by numerous CPAs, that “only” real estate professionals need to issue 1099s for their rental activity. Let’s look at where they get this from. First of all, there […]
I’ve done a few posts on issuing 1099s to veterinarians, and all of those posts are popular. This one from September 2014 addresses the question of “when does the 1099s to veterinarians” rule start?
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.
This is an excerpt from a presentation I give to business owners and HR professionals about 1099s. —– There are two deadlines to keep track of, including one that is a major change starting in 2017 (for filing 2016 forms). In the past, the deadlines were: All forms in the 1099 series must be issued […]
In general, a 1099-MISC need only be issued for payments made to unincorporated individuals or partnerships. Payments made to a corporation generally are not reportable on a 1099-MISC.
The IRS says businesses must issue 1099s to veterinarians, even if the vet is incorporated.
The IRS says 1099s need issued to veterinarians. When does this rule start?
Does a business need to issue a 1099 to an incorporated veterinarian for veterinarian services? The IRS says yes.
President Obama yesterday (Thursday) signed a bill that repeals the stricter 1099 reporting requirements. Under the stricter requirements, all small businesses would have had to issue 1099s to anyone or any company that they did more than $600 worth of business with. The provisions were part of the Health Care Reform Bill passed last spring, […]