- Membership
- Certification
- Events
- Community
- About
- Help
Supplier payments for both services and expenses
February 9, 2023
Q. We have many suppliers that we pay both services and expenses for. Our current process when process invoices/sending out 1099s; 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 that reports…
Become A Member
Join IOFM today as a Professional, Business, or Enterprise Member — or upgrade your Starter Membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!
Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know.
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.
What are you waiting for?
