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Do I need to 1099 everyone that I hire (i.e. Monster Vac...) or just self employed individuals? If I hire a company that is a Corporation, do I 1099 them?
 

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I own stock in FotoMat!
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Your lawyer should know.
 

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And that $500 figure per year is cumulative. Which means if I spend $10 per week for donuts for the crew i have to give the donut shop a 1099 at the end of the year.


I heard a while back they were trying to repeal that, but haven't heard anything lately.
 

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I own stock in FotoMat!
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Sounds like we're going to all be spending a dollar so the gubbamint can get their dime.
 
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It's $650.00 and it's anyone you give that much to in a year. 1099s are a way for the 'gubbamint' to verify that a company is reporting income. I get plenty of them each year but I don't have to turn any of them in to my accountant as I report EVERYTHING using Quickbooks.

The problem is that now it's a REQUIREMENT so you will pay your accountant a fortune to make up those dumb forms for everyone.

If you purchase over $650.00 from McDonalds, or Wendy's or whoever you will send them a 1099.

I'm in the state of MO and we voted it down 75/25 last month.
 

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Guess I have been under a rock. Or buried under all the pages of the health care bill.

From what I've read this business to business reporting does not begin until 2012. It will apply to yearly expense over 600.00.

Anyone have any other/different information on this?

I am getting tired of this reaming from the clowns in Washington.
 

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I own stock in FotoMat!
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so does that mean I have to 1099 my lumber/glass suppliers?
Anyone you are giving more than $650 in the calendar year. Not just per transaction.

If you buy $15 worth of gas every week, you'll need to send a 1099 to 7-11.
 

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This year, you still do not have to 1099 corporations. To cover your butt, have them certify, in writing, that they are corporations. Keep that document for the audit.

I've signed many of them when I was a c corp.
 
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