1099 Reporting Requirements
The IRS focuses heavily on taxpayer compliance with information reporting laws. Penalties for noncompliance have steadily increased over the years.
Who are you required to send a Form 1099?
Who are considered vendors or subcontractors?
What information needs to be collected for Form 1099?
Are there exceptions to who gets a 1099?
The list is lengthy. The most common exceptions are:
The IRS allows taxpayers to exclude from filing Form 1099 any payments reported by the credit card issuers and third-party payment networks on Form 1099-K.
Tips & Best Practices
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