How do others here on FW (small business owners, self-employed, landlords, etc.) handle this IRS reporting requirement?
(1) Do you prepare and mail the 1099ís yourself, have your accountant prepare (if so, what does your accountant charge per each 1099), OR.?
(2) If the payee doesn't furnish a W-9 upon your request, and payment to the payee has already been made, how do you handle that situation?
From the IRS website:†Am I Required to File a Form 1099 or Other Information Return? †If you made or received a payment during the calendar year as a small business or self-employed (individual), you are most likely required to file an information return to the IRS. This page is applicable to specific and limited reporting requirements. For more detailed information, please see†General Instructions for Certain Information Returns†or specific form instructions.
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