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mfoss@hindsfeat.
Level 1
July 20, 2022
Question

Do you have to report 1099NEC on return? The amounts are already recorded on pships books. Both backing NEC inc out of bks or not recording NEC on pship return seem iffy

  • July 20, 2022
  • 2 replies
  • 20 views
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2 replies

qbteachmt
qbteachmt
Level 15
July 20, 2022

You are never reporting the 1099-NEC. You are reporting the Money that was gross revenue, which (by definition) is this much or more. Example:

Your taxpayer business grossed $3million. Not one of the sales or a total to any one customer is $600 or more, so there is no 1099-NEC reporting at all. The IRS still expects $3m to be reported.

You have an Informational Reporting form. It's not an account statement. There is no Matching process. You might have no 1099-NEC or a bajillion 1099-NEC. What matters is reporting the facts of business operation.

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    qbteachmt
    qbteachmt
    Level 15
    July 20, 2022

    Oh, what's this all about: "Both backing NEC inc out of bks or not recording NEC on pship return seem iffy"

    Neither of these applies.

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