𝐓𝐡𝐚𝐧𝐤 𝐠𝐨𝐨𝐝𝐧𝐞𝐬𝐬 1099 𝐬𝐞𝐚𝐬𝐨𝐧 𝐡𝐚𝐬 𝐜𝐨𝐦𝐞 𝐭𝐨 𝐚 𝐜𝐥𝐨𝐬𝐞!

I learned a new fun fact about box 7 on Form 1099-Misc regarding a buy/sell agreement … As I printed out the form and saw no amounts and only a checked box, panic ensued. Just what anyone wants! To learn about tax law changes under deadlines.

Direct sales were normally listed with an amount on form 1099 – but the PATH Act changed that. Now the checked box says “a payer made direct sales of $5,000 or more of consumer products to a recipient for resale.”

To me it seems like a way to slip under the reporting radar for the recipient. But if those are the instructions, I will follow them.

Make sure that you are working with a qualified professional that understands these changes and how to apply them to your business.


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