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1099 that includes both services and expenses
January 30, 2023
Q. We have many suppliers that we pay both for services and expenses. Our current process when processing invoices/sending out 1099s is that we are unchecking any expense for withholding. We are not truly withholding funds but are excluding them from 1099 year-end reporting. Is it okay to send out a 1099 that includes both expenses and services? Can you please provide details on best practice for this situation?
A.
(Answered by IOFM's third-party tax experts)
Yes it is OK to issue a 1099-NEC…
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