AmyC - Thank you for the clear explanation! This is extremely helpful and greatly appreciated.
I have a few follow-up questions as follows:
1. For every 1099 I generate, I will also need to send Copy A to the IRS, correct? Using the links you've provided, the IRS document states that Copy A from the website cannot be printed and filed (because it's not scannable), and must be ordered from the IRS. I've ordered the necessary forms, which should be sent within 10 days. Hopefully I'm on the right track here.
2. For the nominee descriptions with negative entries, do I need to include the SSN/EIN for each entry so the IRS knows where money was sent?
3. Form1099-MISC, Copy A states "File with Form 1096". What is Form 1096 and is it necessary in this case?
Thanks again!
