Independent Contractors

Do I Have to Issue a 1099 to Independent Contractors I Paid Via Third-Party Vendor Services Like PayPal, Venmo or Wave?

Do I Have to Issue a 1099 to Independent Contractors I Paid Via Third-Party Vendor Services Like PayPal, Venmo or Wave?

For a business, regardless of the business entity or the size of the business, taxation is anarea in which even a small mistake can become very costly. Failure to properly account for payments to independent contractors can lead to steep penalties. However, penalties, interest, and additional taxes are not the only consequences a business owner should worry about when making a tax-related mistake. Business taxation mistakes can lead to expensive and time-consuming tax audits.