Be careful. My understanding is that if you pay any person $600 or more in one calendar year you are required to report their SSN on a 1099. We pay outside trainers for our software. We always get their SSN and store it in their vendor record. If their receipts in one year reach $600 they get a 1099. I do not think any reporting is required for payments to corporations.
Of course, I believe you are allowed to give anyone $11,000 per year tax free. We would need a tax guy to tell all the different twists on this. ----- Original Message ----- From: "Gil Hale" <[EMAIL PROTECTED]> To: <[email protected]> Sent: Tuesday, November 04, 2008 8:49 AM Subject: RE: Amount of money deposited into banks and IRS But I feel it is flat out an invasion of my privacy. If I want to pay someone a $20k reward for a job well done, it is not my responsibility to make certain they pay taxes on that amount. I should not have to act in a "suspicous or criminal-like manner" with smaller disbursements over a few weeks from several banks to get what I want done. Yet that is exactly what is going on. Gil _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
