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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

Here’s a nice decision-tree provided by our friends over at Bookkeepers.com , courtesy of Bookkeeping Buds. The IRS is now planning a phase-in of $5,000 for tax year 2024. Report prizes and awards of $600 or more that are not for services performed in Box 3.

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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

Here’s a nice decision-tree provided by our friends over at Bookkeepers.com , courtesy of Bookkeeping Buds. The IRS is now planning a phase-in of $5,000 for tax year 2024. Report prizes and awards of $600 or more that are not for services performed in Box 3.