Businesses are required by law, to send 1099-MISC forms to independent contractors (non-employees) to whom they paid $600 or more in a calendar year. These forms are due to the contractors by the end of January of the following year, and to the IRS by the end of that...
“Starting with tax year 2011, you will not report payments you made to vendors using these methods: Credit cards Debit cards PayPal (and similar payment services) You will continue to report payments you made to your 1099 vendors using these methods: Cash Checks...
I got off the phone with the IRS and have an answer: online bill pay is still 1099-MISC, not 1099-K. This is very good news as it uncomplicates things a bit if you have paid contractors partially with regular checks and partially with online bill pay.. The IRS, in...
If you have paid 1099 contractors or vendors in the past year using payment forms other than cash or check, you need to be aware that the IRS has issued new reporting regulations for tax year 2011 1099-MISC form. Critical Notice from Intuit: Changes to IRS Reporting...
