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About Mike Wellman
Expertise
I was a former Manager with Price Waterhouse, now PricewaterhouseCoopers, the largest accounting firm in the world. I have had clients in almost every industry and of every size. I will only answer questions dealing with IRS problems such as delinquent tax returns, Offers in Compromise (Tax Settlement), IRS collection matters including installment agreements, liens, levies, seizures, audits, appeals, innocent spouse claims and injured spouse claims. All other will be referred to the question pool.

Experience
Over 25 years experience in taxation specializing in IRS collections, examinations and appeals.

Publications
New York Times, Wall Street Journal, Your Money.

Education/Credentials
BBA, Baylor University.

Awards and Honors
IRSOS.com won the Knowledgeweb award for educational excellence for content.

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > 1099's

Topic: Tax Law (Questions About Taxes)

Expert: Mike Wellman
Date: 12/19/2007
Subject: 1099's

Question
How does a company know which vendors are eligible for 1099's and which are not? Example... UPS store and Yancey Bros(equipment rental)

Answer
The law is very specific about that. Generally, 1099's are sent to individuals (not corporations or partnerships) who provide services of $600 or more per year. It does not apply to rentals or goods - just services.

Here is a link to the IRS site that can provide more detailed guidance.

http://www.irs.gov/efile/article/0,,id=98114,00.html

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