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Beginner August 2020

Vendors who request cash only!

Lisa, on August 16, 2020 at 3:03 AM Posted in Etiquette and Advice 0 6

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Hello everyone

I have a question and I hope someone here has the answer, 2 of my vendors are requesting their money as cash only, so I heard that I should issue a 1099 form to each person I paid $600 to or more, has anyone done that? What should I do in this situation.

Thank you

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6 Comments

Latest activity by Tara, on August 20, 2020 at 11:53 AM

Expert October 2021
Samantha · on August 16, 2020 at 3:11 AM
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From my understanding, you will fill these forms out for your own tax reporting. The vendor will file a separate form depending on their tax structure. Consult your Accountant for a clear answer.
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Master October 2020
Yasmine · on August 16, 2020 at 8:48 AM
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Personally I would just request a receipt. But that’s just me!
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Legend July 2022
Lisa · on August 16, 2020 at 9:11 AM
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No matter what form of payment you use (though especially with cash), definitely get a receipt with the date, amount paid, and details of what the payment is for!! I'm not sure about the tax form, I would check with an accountant.
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Super October 2020
Leslie · on August 16, 2020 at 5:27 PM
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My vendors change more if I use a credit card -3%. But will take a check. I would always ask for a receipt. And skip the 1099.
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Master April 2021
Mrs. Spring · on August 19, 2020 at 8:38 AM
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Never heard such a thing but I would require them to provide a receipt.
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VIP November 2016
Tara · on August 20, 2020 at 11:53 AM
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I agree with everyone.... ask for a receipt for sure! First I'd ask for a formal bill then a receipt upon payment.
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