USA 1099

[Rana Khan]

My client sold his restaurant and the new owner played delaying tactics to transfer point of sale account on his name. finally the account was transferred on September 15, 2017. Now my client is wondering if he is gonna be responsible for the numbers on 1099. Anybody has any idea how he should deal with that 1099.

 

[Drmdcpa]

He will need to report any 1099 amounts issued in his Federal ID number but can then deduct any nominee portion.