Ep16 - BONUS: When Congress Changes 1099 Laws at the 11th Hour
1/3/23 - Bonus: Last-minute But Important 1099 Update
Ep 16 RETRACTION - Can you believe it?? Congress changed a law after I recorded Episode 16 "Who Do I Need To Send a 1099 To?". Listen to this bonus episode on 1099-Ks reverting to the old law so you have the most accurate information.
This is a must-listen-to episode; and if you haven’t listed to Episode 16 yet, please start there!
The “Reader’s Digest” version is that you DO still need to send out your 1099s, but you may be receiving something different from your 3rd-party processors.
Bottom line: What ends up on your P&L statement is what you should base your taxes on. Make sure you have clean books and you’ll be fine. Whatever you receive from people you work for should be kept for your records in case you’re ever audited.
If you’re confused or have any questions, please don’t hesitate to ask - you know where to reach me.
And until next time, may your week be filled with love and profit!
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