1099 requirements

Hi All

please can anyone share the requirements for 1099 requirements by IRS, like
individual
Contractors
Corp vs LLC
1099 box
amount limiitation

apprecaite assistance in order to set up vendors and 1099 in AX 

Thanks and kind regards

You will want to go to the IRS web site because there are a lot of different 1099’s with different payment types and requirements – it depends on your industry as to whether you have a lot of those or not.  Also, there is a new form this year that is moving the 1099-MISC Box 7 (non-employee compensation) to a whole new 1099-NEC form for 2020 so keep that in mind as well.  You can start with this form, but there are others as well (you should see them all in the list in D365):  https://www.irs.gov/instructions/i1099msc 

Also, you will not see any 1099 information unless the legal entity is marked as a US entity.

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Shirley Adams
AKA, an HSO company
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