Prepare for Year-End 1099 Reporting in Three Easy Steps

Share Button

Business owners are often confused by what types of payments and what types of vendors necessitate issuing a 1099. These are most commonly required for payments for personal services. It is your obligation to gather the information you need to make this determination.

First – Determine if the type of payment would qualify for a 1099. Common examples include:

    • YES – Services, retainers, honorariums and similar
    • YES – Attorney fees of any kind
    • YES – Rent, unless paid to a real estate firm
    • YES – Board of Director fees
    • NO – Expense reimbursements
    • NO – Goods, supplies, merchandise
    • NO – Telephone charges
    • NO – Insurance payments
    • NO – Freight …read more

      Read more here:: Tax

      About Aronson LLC

      Aronson LLC has written 575 post in this blog.

      Aronson LLC has been thinking ahead for its clients for more than 50 years. Aronson’s construction, real estate, government contracting, nonprofit, technology and private industry experts provide innovative audit, tax, and consulting services that help its clients move to the next level. From start-up to exit strategy, Aronson works with companies throughout the entire business lifecycle by proactively identifying opportunities and addressing challenges so that clients are able to focus on their core business. Aronson shows companies how to rethink everything to be more profitable, more competitive and better prepared for the future.

      Share Button