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who needs1099

Last post 10-31-2007 2:15 PM by Cecelia Hamilton. 1 replies.
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  • 10-31-2007 1:01 PM

    • Xia Chen
    • Top 500 Contributor
    • Posts 14
    • Organization: Support Center for Child Advocates

    who needs1099

    hi, i am super new to non-profit. Which vendors shall I send out 1099 form to recognize their income/our expense xia
  • 10-31-2007 2:15 PM In reply to

    who needs1099

    NFP are no different than FP's when it comes to requirements for sending 1099"s. Anyone individual whom you paid $600 or more for their services needs to receive a 1099. You must be careful that the tax id number the person gives you matches the name on that tax id. I.E. if the tax id is a SSN, the first name must be an individual's name. If the tax id is an EIN, then the first name might be an individual's or it might be a company name. That's why you should ask for a W-9 to be completed by the vendor. You are also required to send 1099's to attorneys, accountants, doctors, hospitals, clinics, architects and other professional organizations. When in doubt, send a 1099 - better to send too many, than not enough.
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