According to the North Carolina Office of the State Controller, 1099 vendors are trade and non-trade entities or individuals that provide goods, services or contract work for a company. The company does not deduct taxes from a vendor's 1099 payment and must report the amount of payments made to each vendor to the Internal Revenue Service. The 1099 vendors include independent contractors, medical or health providers, sole proprietorships and partnerships.Know More
The North Carolina Office of the State Controller notes that a trade vendor is one that provides a good or service that is purchased by the company. A 1099 trade vendor is typically a supplier that is not a corporation. A 1099 non-trade vendor is one that provides something to the company other than a good or service. A third type of 1099 vendor is an employee vendor. Employee vendors include independent contract workers and expense repayments to employees that are not related to the employee's position.
According to the North Carolina Office of the State Controller, three different types of 1099 forms can be issued to 1099 vendors. The most common is a 1099-MISC form, used to record payments to vendors who receive more than $10 in royalties or $600 in other payments. Form 1099-G is used for recording payments of $600 or more for certain grants and tax refund or unemployment compensation payments of more than $10. Form 1099-INT is used to record interest payments.Learn more about Careers
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