1099 tax form 2017 and its relation to Vendors
A 1099 form always printed with the payments made to a vendor. Payer has to issue a 1099 form to its vendors or contractors and the same info should file with the IRS.
Financial institutes sends Interest 1099 forms to its customers, because it paid interest them on savings account. IRA holding financial institutions send a 1099 form to its account holders.
A 1099 form should be filled with Payer Tax Identification and recipients Social Security number or taxpayer identification number on it, by this IRS will know all the recordings of 1099 forms reporting.
These payments are required to be reported for 2017 tax year as annual summary, as applicable based different types of payments made to vendor.
1099 Form B, Proceeds From Broker or Barter Exchange Transactions;
1099 Form DIV, Dividends and Distributions;
1099 Form INT, Interest Income;
1099 Form MISC, Miscellaneous Income;
1099 Form OID, Original Issue Discount; or
1099 Form R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
IRS 1099 forms are series of different types of income reporting forms of the Internal Revenue Service (IRS) refers to as "information returns". IRS introduced a number of different 1099 forms that report the various types of payments made to a service provider or contractor throughout the year.
You as Payer responsible person or entity for filling out the appropriate 1099 tax form and sending it to the recipient.