[GNC] Business use: Producing 1099s for vendors

[Eric Chapman]

Let me clarify that I'm using the word "vendors" below in the way 
GnuCash does: someone to whom one makes a payment. The IRS does not 
(best I can tell) require that 1099s be issued  for "Payments for 
merchandise, telegrams, telephone, freight, storage, and similar items." 
(That's a quotation from the instructions here: 
https://www.irs.gov/forms-pubs/about-form-1099-nec.

I don't rent anything from anyone, so I don't have to do rent 1099s. I 
think rent amounts go on 1099-MISC

There may be times when I hire a contractor to do non-employee work 
that's over $600. In that case I think I have to issue a 1099-NEC.

On 12/5/23 14:46, Eric Chapman wrote:
> My little business sometimes has to provide 1099s to vendors and the IRS.
>
> I was searching for how to best do that with GnuCash. I found a 
> helpful tutorial here: 
> https://www.reddit.com/r/GnuCash/comments/eqpkih/how_to_deal_with_usa_1099misc_in_gnucash/. 
> It is 4 years old, but I read through it, and it looks as if it 
> probably would still be useful.
>
> I also found this question and answer from 2016: 
> https://lists.gnucash.org/pipermail/gnucash-user/2016-April/065105.html
>
> My questions:
>
> (1) Is the tutorial on reddit my best approach or is there a better 
> one somewhere? How do others using GnuCash do it?
>
> (2) Is it true that GnuCash does not have a way to tag vendors as to 
> their 1099 status, or did I just miss it? Seems to me each vendor 
> could have a box ticked if it is not a corporation, and then if the 
> annual payments to that vendor exceed $600, a report could be run.
>
> Thank you!
>
-- 
Eric Chapman
GnuCash 4.14 on MacOS 14.1 Sonoma running on an Apple M3 Max computer.