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Writing a check from my business account to a sub contractor, in his name.?
I have been issuing checks to a sub contractor, under the name "Charlie Brown Services" (example only, actually his real name plus the word, services, after it) as this is the name of his company.
He recently asked me if I could write the check to "Charlie Brown" and leave off the "Services" so he could cash it, or deposit it in a different account.
Personally, I don't care, but since I 1099 this money, will this cause problems later on when I do my taxes? Can I put the total of all checks on one 1099. Or will this require separate W-2 and 1099 ( all checks issued are greater than $1,000)
I know I will need an accountant this year, but I don't have one yet, so I don't want to screw things up too far, until I get one.
The actual answer lies with Charlie Brown.
If he is using two entities, as evidenced by the W-9s and two TINs, you issue two 1099s.