Create 1099 Section

[MyPCSolutions]

Is it possible to create a new Top Forum for 1099 content such as large 1099 Staffing companies and pay rates.

[16k_zx81]

You're welcome to start a thread on this topic. Im not sure that it merits an entire Forum Section, though?

[Martyn]

Pm Bryce but he's travelling so it may be a day or two until he answers.

[jdpetrov]

On the subject of 1099s, Do we need to write 1099-Ks for our customers? Something about a $600 cap where over that we have to do some sort of fancy paperwork?

[mraikes]

Originally Posted by jdpetrov

On the subject of 1099s, Do we need to write 1099-Ks for our customers? Something about a $600 cap where over that we have to do some sort of fancy paperwork?

Are you a "Payment Settlement Entity"? If not, you don't create 1099-k's. However you might receive one from your credit card processor if you do enough volume. Simply accepting card payments does not put you in the category of Payment Settlement Entity.

If your ARE a Payment Settlement Entity, here is the de minimis standard for reporting from the IRS:

"The de minimis standard exempts the reporting of transactions settled by a third-party settlement organization of a payee in a third-party payment network if the aggregate payments to the payee do not exceed $ 20,000 or if the aggregate number of transactions does not exceed 200 within the calendar year. This applies only to the payments settled by third-party settlement organizations."