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1099 for/from clients

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Ok... sorry if this is a stupid question...

 

As a VA who has clients sign a contract... do I need to get a 1099 from my clients at the end of the year or do I need to give my clients a 1099?

 

I was pretty sure that the answer was no both ways, but someone told me otherwise today, so now I am confused. I thought that since I am not any employee, but rather an independent contractor, that the 1099 was not necessary.

 

Thought I would start here with you amazingly knowledgeable people! :)

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I agree. If you earned more than $600 in the year from any one company or individual, you should be receiving a 1099 from them. Be aware, however, that many companies do not send these out or are even aware of their obligation to do so. In the view of the IRS, you are still responsible for claiming all the income that you have received, whether or not you are furnished with a 1099. My understanding is that the IRS is beginning to come down hard on this and has even put into place a "checks & balance" system for matching company reported 1099 information with the independent contractor reported info. Which means, in theory, that all reported 1099 services will need to also come through the IRS in the form of claimed income from the contractors. My advice, do not underreport...it's not worth it.

 

BTW, your clients should have sent out their 1099s no later than January 31st so if you have not received one yet, you may need to follow up. But remember, no matter if they abdicate their responsibility or not, you should not abdicate yours.

 

Hope this helps.

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