1099 Reporting of Payments to Attorneys and Other Third Parties
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Make sure you are in compliance when reporting payments made to attorneys and other third parties.Gain insight as to the Internal Revenue Service's reporting requirements for payments made to an attorney in connection with legal services (whether or not the services performed are for the benefit of the payor). The IRS reminds us that all third-party payers, such as small businesses or individuals, are required to annually report payments made to subcontractors, attorneys, architects and other service providers. Learn about Internal Revenue Code Section 6050W which requires banks and other payment settlement entities (PSEs) to report gross annual receipts for merchants on Form 1099-K.
You will be provided with the knowledge to ensure compliance with these laws regarding these payments and advise payors of their responsibilities.
Marcia L. Miller, M.B.A, E.A., Financial Horizons, Inc.
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