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1099 for equipment purchased from an employee's business?
January 30, 2022
Q. Equipment was purchased from an employee who has their own business. Their W9 shows they report as an individual. The invoice for the equipment did not include tax and was a high dollar amount. Is a 1099 required? If not, would there be a penalty for issuing a 1099 anyway?
A.
(Answered by Sovos, a 3rd party software, services and education provider offering assistance in tax regulatory compliance for Forms W-9, W-8, W-2, 1099, 1098, 5498, 945, 1042, 1042-S, Canada, Quebec, Puerto Rico and…
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