1099

Cher50 · ‎January 20, 2020

My boss has five entities he uses one personal credit card for expenses.

He then gives me the break down on all expenses to enter into Quickbooks per entity.

He has the monies drafted from his bank accounts back to his.

I then enter into each entity and I entered the drafts back to his name.

The problem I now have his accounting charges are in correct expense account but are not to accounting firm for a 1099 misc.

Help.

BigRedConsulting · ‎January 20, 2020

If they're payments to vendors using a credit card, then they're not reportable in any case. So, nothing to fix.

Joshua R · ‎January 20, 2020

Good afternoon, @Cher50

I'm here to give some insight on 1099s.

The 1099-MISC form used to chart account payments includes 18 payment boxes. Each box has a specific threshold prescribed by the IRS. Only boxes 1-10 and 13-14 support QuickBooks and Intuit E-file Service. Mostly, you'd use box 7: compensation for non-employees. The box seven thresholds are set at $600.

Payments by electronic, debit, and credit cards are NOT included in the summary report 1099-MISC. These are recorded in the Form 1099-K and are collected by electronic payment companies such as Pay Pal.

For more information on 1099s take a look at: Set up and file 1099 forms

Thanks for reaching out to the Community. I'm only a reply away if you have any other questions.

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