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Payments to carrier vendors

October 5, 2021
October 5, 2021

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Q. We have a scenario where we receive payments from our clients, then we use the funds we received to pay carrier vendors. Should payments made to carrier vendors be 1099 reportable? They are not insurance brokers; however, they are in multiple lines of business. A. (Answered by a 3rd party, independent advisory services firm offering experienced and practical help for tax regulatory compliance for Forms W-9, W-8, W-2, 1099, 1098, 5498, 945, 1042, 1042-S, and state reporting.) Federal tax…

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