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Old 02-01-2010, 07:20 PM
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1099 Form

Hi all, i run a IT company. We work on phone systems and computer systems. I have a customer that called me today asking for a 1099 for them. I am a little confused, i thought a 1099 was for vendors? I use peachtree accounting and the 1099's are for vendors anyways. What type of 1099 would this customer be talking about? We have done several jobs for them in 2009 and they paid by check the total amount of the invoices we sent them.

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Old 02-02-2010, 11:18 AM
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If your Vendor wishes to receive a 1099-Misc, then I think it is best to provide me with him. The 1099-Misc to be issued would be the 1099-Misc and the type of payment would be nonemployment compensation reported on Line 7.

Just confirm with your vendor to determine the amount of payment that he wishes to include on the 1099-Misc and compare that your records agreee with the payment amount.

Have your CPA assist you with the preparation of the 1099-Misc form along with the IRS form 1096-Annual Transmittal Form. Remember, you need to submit the Red forms to the IRS and the receipient copy goes to the outside consultant/vendor.

Please click on the following link to view a copy of the 1099-Misc.
http://www.irs.gov/pub/irs-pdf/f1099msc.pdf

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