1099 and 1096 income reporting
I am a business of owner, incorporated as an LLC. My partner and I are in the business of alternative medicines like performing colonics and reselling supplements.
We, the owners, perform these professional services ourselves and have paid ourselves over $600 each last year. We also allow contract professionals to set up business at our site. We collect the customer's payments and keep a percentage of contractor sales for the business.
I know that if any of the contract workers made over $600 last year, we need to complete a 1099 and report their income to theIRS.
But does my partner and I need to complete a 1099 and file a 1096 with information about our income as well?