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A Texas retail company is an LLC. They would like to contract an independent person (not an employee) to run a sales event in January 2024. They would like to pay the independent person a commission on sales. That commission would be the only type of compensation for running this event.
Question: If that commission exceeds $600 during the calendar year, does the company need to send a 1099 to the independent person and if so, which 1099 form?
Thank you for any assistance provided.
Solved! Go to Solution.
Welcome to the QuickBooks Community, ninsights!
If a contractor's pay reaches $600 in a given year, it is indeed necessary to provide them with a 1099 form. However, I'm unable to determine which specific 1099 form you should use. I recommend referring to the guidelines provided by the IRS or seeking guidance from your accountant for further assistance.
You can also refer to this article for the setup in QuickBooks: Set up contractors and track them for 1099s.
Feel free to go back to this thread if you have other questions in mind. Take care and have good one!
Welcome to the QuickBooks Community, ninsights!
If a contractor's pay reaches $600 in a given year, it is indeed necessary to provide them with a 1099 form. However, I'm unable to determine which specific 1099 form you should use. I recommend referring to the guidelines provided by the IRS or seeking guidance from your accountant for further assistance.
You can also refer to this article for the setup in QuickBooks: Set up contractors and track them for 1099s.
Feel free to go back to this thread if you have other questions in mind. Take care and have good one!
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