Thank you so much for the detailed response @pk and @Anonymous_ . Appreciate it!! So based on the response, I am understanding that there may not be a need for additional forms to be submitted except for including/reporting expenses in Line 11 Schedule C. Is that right? Line 11 instruction states that I may need to fill out 1099-NEC or 1099-MISC, so in my case the contractor is foreign, so I may not need to do that. Please clarify. Regarding the proof of payment, Are bank statements sufficient for the transfer?
