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For a business, is there ever a situation where 1099s need to be filed for purchasing a physical item?
For a business, is there ever a situation where 1099s need to be filed for purchasing a physical item?
I would like to understand when to use a 1099 for this:
"File Form 1099-NEC or Form 1099-MISC to report sales totaling $5,000 or more of consumer products to a person on a buy-sell, a deposit-commission, or other commission basis for resale.
From page 7 of the 1099 IRS instructions
https://www.irs.gov/pub/irs-pdf/i1099mec.pdf
Thanks.
May 22, 2024
11:41 AM