I bought my business partner out mid-year. Due to this I received a new EIN. Going to send 1099s now, how to handle with two EINS this year?

[LeeM · Accepted solution]

You would need to send out and report two separate 1099 forms for the different periods.

The first set of 1099 forms would have the old EIN and equal only those payments made under the old business EIN.

The second set of 1099 forms would have the new EIN and the payments made when operating the business under that EIN.

[glitterlens]

Great, that's what I thought. If a contractor made over $600 in the year but under $600 under one EIN, no 1099 needed for that 1099? Thanks so much for your time.

[LeeM]

Technically yes but issuing a 1099 is another way to support your business deductions.