Prepare for Year-End 1099 Reporting in Three Easy Steps

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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:: Government Contracting


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