Four Articles to Help Your Company with 1099s

Why reinvent the wheel? Over the past 12 – 18 months I wrote a number of articles on 1099s and who the reporting did and did not apply to, from both the client perspective and the independent contractor’s perspective (since both are often companies). Here are three of those articles I believe are most applicable to you readers here…and one article by a guest poster.

Do Foreign Companies Get Issued 1099s?

The IRS requires certain companies to receive 1099s to ensure accurate reporting on their company tax returns. Does this apply to foreign companies? Read to find out.

digital globe

For the IRS, foreign refers to companies with residency outside of the U.S.

 

Is a W-9 a Closing Document in a Real Estate Transaction?

W-9s are information forms that independent contractors — individuals and businesses – must complete in order to properly prepare 1099s. Are these required in a real estate purchase, sale or transfer? Read the article for the answer.

Keys to real property

Real estate transactions result in much documentation.

 

 

 

Do You Need to Give a 1099-Misc to Insurance Agencies?

Insurance companies provide the actual services. Insurance agencies just broker the transaction between your business and the insurance company, right? This article provides clarification, scenarios and explanations.

Man with business card

Insurance agents are usually independent of the insurance company they represent.

Independent Contractors of 1099 Employees – The Risks

One big question many companies struggle with is who (or what) qualifies as an independent contractor and who does not. A wrong assumption could result in potential back wages and employment taxes assessed against you by the IRS and Department of Labor. Get the answers to your questions and clarity on how to make the right assessment.

Risk

Improperly classifying someone as 1099 presents significant risks.