Ask Experts Questions for FREE Help !
Ask
    Riffy Hassan's Avatar
    Riffy Hassan Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Dec 15, 2008, 01:15 PM
    Should I issue 1099s to all my vendors.
    I want someone to confirm that Companies should issue 1099s to everyone who they issued a check for $ 600 or more... all vendors including corporations. :mad:
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
    Senior Member
    		  
    #2

    Dec 16, 2008, 11:02 PM

    NO!!

    You only have to 1099 to enetities that flow directly to the personal income tax. Individuals, sole propritorships and some partnerships.

    It is easy to know when you look at there W-4. First off what box did they check for business type, 2nd did they give an SSN or an EIN? Chances are if its an EIN they shoudn't get a 1099.

    There are other more specific rules depending on what type of 1099 you are sending and what type of vendor it is. I am only giving the most basic and general rules. I suggest you Google or look at the IRS website and read the instructions to form 1099
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #3

    Dec 19, 2008, 07:13 AM
    Quote Originally Posted by Riffy Hassan View Post
    I want someone to confirm that Companies should issue 1099s to everyone who they issued a check for $ 600 or more..........all vendors including corporations. :mad:


    There are several categories of 1099's but in your case it's income to people, payment for services, not payment for product.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

1099s and Freelance Writing [ 1 Answers ]

I might be getting a job writing short articles for a website. The site is launching in February so I will most likely only make around $1500 from the job this year. I know that if you make over $600 per year you get a 1099, but how do I know how much I will have to pay in? Thanks. :)

Best Way For Unmarried Couple To File With Home/1099s [ 3 Answers ]

My fiancé and I own a townhome that is in both of our names. Our loan is a 7 year arm broken up into two separate mortgages. Each month, we pay about one thousand dollars for the first mortgage and another four hundred dollars for the second mortgage. Combined, we paid about 13,000 for interest...

1099s requirement [ 1 Answers ]

Is a 1099s required for the tax sale by county sheriff of real prop seized from drug dealer?

1099s for corporations [ 3 Answers ]

I hire freelance writers and generally send them 1099-misc forms. Some of them have incorporated as type S corporations. I understand that I don't have to send a form 1099-misc to corporations I paid. Is there some other form to send to an incorporated individual? We'd like to make sure we...

View more questions Search