Aggregating 1099 thresholds?

January 28, 2021

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Q. We have a vendor where the payment totalled $700. $300 would be reported under the MISC and $400 would be reported under the NEC. However, since the total is less than $600 submitted on each form, do we still have to submit a 1099? My thought is that we do not; however, want to confirm.  A. (Answered by a 3rd party, independent advisory services firm offering experienced and practical help for tax regulatory compliance for Forms W-9, W-8, W-2, 1099, 1098, 5498, 945, 1042, 1042-S, and state…

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