In LLC, If the contractor Pvt LTD is out side from the USA and all the cost of services payments were made from wise personal account. Then in this case should we need to fill 1099-NEC?
Thank you for this Hector. I completed this process yesterday but just realized that some payments to contractors were made by check prior to the direct deposit being set up. Is there a way to edit the 1099 and add the other amounts?
Hi Hector, I entered my contractors (plumber, electrician, landscaper) as vendors and made entries as bills and not expenses. They appear in the Contractor section of 1099, but when I move to the next section (Review) none of them show up even though they are all above the threshold. They were all paid by check. Any thoughts? Not sure if this impacts anything, but all of the expenses were categorized as fixed assets because they have all been working on the renovation of a rental property.
Hi! 1) I used QBO to e-file three 1099s today. None of the contractors received an email with their 1099 today. I thought QBO sent the contractor an email when the 1099 is e-filed through QBO? 2) Earlier I sent an email to 2 of the contractors that did not reply and ‘create’ an Intuit account and enter their W9 info. I typed it in. Is this the problem? I have tried to ‘re-send’ their email request for them to create their Intuit account, but there is NO button to re-send this email. How do you re-send the request?? When I searched help, it said there should be a button to click to ‘re-send’. It’s not there!! So, I have 2 contractors with ‘waiting on info’, I tried to upload their W9 forms and there is no way to do that either, I just typed the info in. I was able to create the 1099 forms, download a copy and then send an email myself to the contractors. This program is so frustrating to me. A lot of times, the instructions are not clear or correct.
Hey Hector. You always have great content. Quick question: my QBOL doesn't generate a "1099 Transaction Detail Report". Does this have to do with the version I am using? I have clicked on "Track 1099." I noticed you used the "Expenses by Vendor Summary." (I was paying attention.) By the way, I noticed that when I input transactions through an AJE AND input the name of the vendor (in this case disbursements through a title company for construction), QBOL did not pick up the contractor's name in the vendor reports. Oversight, maybe? Your thoughts? Thanks for your great work. Cheers, Greg
So I have a question what do people use the state area what do they put for the state if they they work from a different state but the company puts their state do you have to pay taxes in both States
EXCELLENT VIDEOS, HECTOR! You're videos are incredibly helpful. Regarding contractors who are C-corps & S-corps, how do we exclude them? Should we not check the box "Track for 1099" box in QB? I already have all my contractors W9's (hardcopies). I just typed the SSN or EIN's into their vendor info in my QB, but I have contractors that QB displays ‘waiting on info’ next to their name re: W9. Does QB send them emails asking them to upload W9's (hoping not since I already asked them for their W9's and they already provided me copies). Thanks again for your stellar instructional videos.
Gracias por la informacion sera de mucha ayuda para mi pues es la primera vez que enviare formas 1099 electronicament pregunta: que pasa con los Contractors que no tengo su información completa? Quickbooks les hace forma o no?
After generating the 1099 form what amount is being considered to be paid? A tax amount related to those payments made to the contractors? Or the IRS calculates a fee based on the payments??
Just want to be sure I'm understanding correctly. Once the process is complete just like listed out in the video and submitted via efile - that will complete the entire process? Or is there any other step/cost that is missing with the state? I am in Texas so want to be sure there are no additional steps and that everything is done via QB. I love the video and want to try this year before deadline if thats the case
Anyone know why the 1099 Transaction Detail Report does not show any information. I've tried troubleshooting multiple things (i.e. >$600, Make sure vendor is marked, etc.) but nothing ever pulls on the reports for multiple clients.
How does QBO identify payments made to 1099 contractor but not subject to reporting on 1099 because of using debit card issued on company's bank account?
Hello Hector, I once ask you about my reconciliation beginning amount being off. I’m still unable to accomplish this issue. I just wanted to ask if you wouldn’t mind if I can forward you and email of my screen so you can see or allocate my discrepancies? Please I will really appreciate this. Thank you.
Hello Hector. I have a vendor that I paid more than $600.00 to but on the transaction list by Vendor it didn't list all the payments. Though the payments are on the Account Quick Report for that Vendor.
Question Hector, I have the vendor setup and then the expense is coming thru the bank feed ,and I accept the transaction for the same vendor, that expense is tracked as well even though that is coming thru the bank feed right ?. thanks in advance.
Hi Hector, thank you for all videos, you explain very well!!👏👏 Please could you share how do you use the magnifying glass during the explanation? It´s amazing!!
Hello Mr. Garcia, as a new beginner on QB Online, I admire and am so grateful for all your videos and tutorials! Makes me feel that I can become a bookkeeper, accountant, or CPA...however, I am still learning and came across a situation that is just mind boggling to me that I am not sure why or understand how to resolve. I am preparing 1099s for my two independent contractors/consultants and one of them is not showing up on the drop down list for the 1099 contractors that meet the threshold of over $600. He is tracked for 1099 and it was done via DD. I followed the instructions to the Map your QuickBooks contractor payments to 1099 boxes on Screen 2 of the accounts and I had only checked off the common types of payments to NEC. Am I missing something? I am afraid to complete the process to e-file for the other IC that is showing up correctly. And worrying if I e-filed I may have an error to redo. Please advise.
Hello! Thank you very much for the video! Can you help understanding which 1099 to choose for a freight broker who is paying its carriers (contractors)?
Thanks Hector! Do we need to print and mail each 1099 to the contractors if we email it to them via the submission online? Would like to avoid printing, making envelopes, stamping, and mailing.
Thank you for the amazing instruction! If my client has contractors that work on their social media, branding, and other services that could be categorized as say Advertising Expenses, would these be entered as Advertising Expenses or as Contractors?
Thank you Hector! You are the best! This video is so helpful because you explain everything so well and break down all the necessary steps to get the job done!.. Thanks again and keep up the good work!
You mentioned making payments through a "sysrem" should not get a 1099-NEC. Does this include ach/eft payments using a bank debit card? Are they automatically disqualified for 1099-NEC through QBO? I use the 'check' option (not credit card) for those payments using an expense transaction.
How do you deal with the fact that 1099's must be sent based on cash basis accounting but quickbooks won't let you do this if you are an accrual basis company?
@@HectorGarciaCPA I've been told twice by quickbooks helpdesk that I need to change my company settings to cash basis to get the 1099s to print on a cash basis. Our rent is due the 1st of the month and we pay rent 2 weeks before it is due. The 1099s do not pick up the January rent paid in December.
@@HectorGarciaCPA I guess that's the issue here. The 1099 is done on an accrual basis when it shouldn't be. Our old system was a little more sophisticated and we could put a prepaid expense in with the due date on the 1st and then at the end of the year we would do one journal entry to accrue the prepaid. Now with quickbooks it seems like you have to make the invoice date the date you pay the rent instead of the day it is due and make the invoice to prepaid instead of to the expense account, and then make a second journal entry every month to reverse the prepaid into expense. Which ends up taking a lot more time than just making the prepaid entry once at the end of the year. It's just extra hoops to jump through when the 1099 report could have been programed to be run on a cash basis to start with
Hey dude! Im filling my taxes right now before the tomorrow deadline and one thing that I wanna know is that once I finish reviewing my mileages and my transactions using quick books self employed, I would just need to upload my 1099 and add the quick book self employed numbers into it????? to get any deduction??? Thanks !!!
Thank you so much, Hector, for this detailed instruction. 👍😉Honestly, this is going to be my first time preparing 1099 thru QBO. May I ask, how would it work since I am just the one to prepare it and won't be paying for it; Up to what level am I just going to do it? Am I just going to click on "Save and Finish later "? Thank you so much again for this great video of yours! God Bless you more! 🙏
