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Business & farm
@kiddkevin01 wrote:
Thanks for the reply.
So there is no communication between IRS and the company paying my company for the service at all?
Anyone involved in business must issue a 1099 (NEC, MISC or other type) if they pay more than $600 to another business that is a sole proprietorship, an LLC, or a partnership. Businesses who pay for services do not have to issue a 1099 if the entity they are paying is an S or C corp.
If you own an S-corp, other businesses that hire your business for services are not required to issue a 1099.
You are required to report all your business income using your own reliable records, even if you don't get tax paperwork from other companies that hire your company.
‎February 8, 2023
1:28 PM