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Reporting trip expenses for retired employees
January 5, 2024
Q. My company owners took six retired employees on a trip to the Caribbean. I have to issue a 1099-MISC for the airfare and the hotel cost to the retirees. I also will have to withhold Federal and Illinois State taxes. 1. Will I have to complete Box 3,4,16, 17 and box 18 of the 1099-MISC Form?2. Which form would I use to send the money to the IRS for the Federal and Illinois State taxes I am withholding?3. When should I send the form and money to the IRS?
A.
(Answered by IOFM's third-party tax…
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