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I need to issue a 1099-Misc. Helping my husband. I am not
I need to issue a 1099-Misc. Helping my husband. I am not understanding the rules. Could you please help me to clarify and understand. Do I need to issue a 1099-misc to an individual/company when buyi… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I w ork for a small used truck sales company, and I am
I w ork for a small used truck sales company, and I am wondering if I need to issue 1099-M for our consignments … read more
Rick
Rick
Certified Public Accountant (CPA)
MBA
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My husband and I are starting a trucking business. We plan
My husband and I are starting a trucking business. We plan to have him drive when necessary but we would like to start by hiring 1 person to drive. After a while we plan to buy a second truck and so f… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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Does a church with a 501 c3 need to fill out a 1099-misc for
Second opinion] does a church with a 501 c3 need to fill out a 1099-misc for using roter-rooter for plumbing services, or Tims organ and keyboard repair service for work done a organ/ I want to know i… read more
DK_CPA
DK_CPA
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Master of Science in Accounting & Taxationb
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I recently received a check from my isurance company, issued
Hi I recently received a check from my isurance company, issued to me and a repair company. Who get 1099-Misc form from the insuarance company? … read more
taxmanrog
taxmanrog
Master's Degree
1,889 satisfied customers
I need advice on something my father proposed, My father is
My father is a truck driver (owner/operator) who has failed to do his taxes for a few years now and currently has a tax lien on him for roughly $12,000. I am a full time student with a lack of income. Addressing his tax situation is my fathers #1 priority but he wants to lower his taxable income regardless. He plans to retire to his ranch in Mexico in the next 3 to 5 years, but wants to leave my younger brother and I some money before he goes. So he proposed a plan: He claims that if we simply transfer the ownership of his semi truck and trailer to my name and he files some paperwork with the company he works under currently, his paychecks will be made out to me instead. I would then open a business bank account for those paychecks and pay my father as a 1099 employee $2000 a month. He currently grosses about $10,000 a month before expenses and nets about 4 to 5 thousand after fuel, truck maintenance, repairs, etc. This proposition would provide my brother and I with a good amount of money in the bank over time and, more importantly, an income on paper that would allow us to get approved for a better rental property, improve our credit, or even one day be able to buy a home of our own. My concern is that my father is oversimplifying this process or maybe he might be misinformed and its not even possible at all. If it is possible I need to know how it would effect me and what I would need to do to make it happen. How would I go about doing my own taxes? Are there any negative consequences that can arise from doing this? Any advice, insight, or opinions will be greatly appreciated. Thanks! … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,146 satisfied customers
My husband and I had 20% in a company with 2 other business
My husband and I had 20% in a company with 2 other business partners. At the close of this business we hired attorneys to draw up a settlement agreement that both parties have signed. Now in Oct of 20… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,146 satisfied customers
My husband and a friend started a trucking business in July
My husband and a friend started a trucking business in July of last year, in a 50/50 ownership. It is a light weight truck (14,000lbs) and will be used to carry/deliver goods in our local area. They o… read more
Anne
Anne
Master Tax Preparer
2,551 satisfied customers
We are a small (my husband and I) S Corp trucking company and work with corporation that h
We are a small (my husband and I) S Corp trucking company and work with corporation that has provided the equipment (a truck and trailer) in exchange percentage of the truck's gross earnings. If we do… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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In a lawnmower repair business. There is one vendor who
In a lawnmower repair business. There is one vendor who repairs the equipment but from that same vendor, purchased new equipment. When preparing the Form 1099, do I report all payments to that vendor … read more
Barbara
Barbara
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Through the course of our business we purchase a lot of "dirt"
Through the course of our business we purchase a lot of "dirt" materials (such as chat, soil, caliche, pea gravel) sometimes from a pit (they process & load us) and sometimes from a rancher (where we … read more
Lev
Lev
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Bachelor's Degree Equivalent
33,881 satisfied customers
Should a company issue a 1099-misc in the following scenario: A
Should a company issue a 1099-misc in the following scenario: A quarry where we normally purchase goods (rock & sand) and deliver these goods ourselves using our own trucks, will at times deliver the … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I own a small business. I am trying to find out who I need
I own a small business. I am trying to find out who I need to send 1099 misc to. Expenses: Do I need to send it to companies I have purchased supplies from, that exceed 600.00? Do I need to send it to… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
For tax purposes, what is the most reasonable classification of this person
For tax purposes, what is the most reasonable classification of this person (independent contractor, employee, statutory employee, or statutory nonemployee)? Over the road interstate driver was hired … read more
Wendy Reed
Wendy Reed
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Master's Degree
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My boss owns 2 companies, one is a C corp the other an S corp.
My boss owns 2 companies, one is a C corp the other an S corp. Both companies paid him interest on money he loaned to the companies. Both companies reported this income to him on a 1099 MISC form in b… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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I am in the business of Investor Relations fo Public companies
I am in the business of Investor Relations fo Public companies and get paid in free trading stock from a third party non affiliate of the company. I report on my return as income based on sales of suc… read more
Chad Oberg
Chad Oberg
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Bachelor's Degree
174 satisfied customers
Are companies supposed to send 1099 MISC to 1. Kaiser, if
Are companies supposed to send 1099 MISC to: 1. Kaiser, if they pay for the employee's medical benefits? 2. Companies that repair the company's boat, if the company who's boat is being repaired is a t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,881 satisfied customers
We have a trucking business. We have one subcontractor who ...
We have a trucking business. We have one subcontractor who owns his own truck. We pay him for his total sales less 20% (our portion), less all expenses we have incurred on his behalf, fuel, truck expe… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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