[Jewelry making - Article 00131] - Re: [Orchid] Consignment and taxes

[Cande Toner]

========[ Invite a Friend - http://www.ganoksin.com/invite.htm  ]========

>     What if a gallery wanted to buy the same piece? Would they give you
>     a 1099? 

    I just got a call from my CPA asking for the Federal ID# for all or
    our suppliers that are not incorporated. This is for our remodeling
    business. I had to get the numbers for our tile supplier and a lumber
    company. I was adamant that these are suppliers (products) and not
    subcontractors (service). She said that the IRS is getting tougher on
    who gets the 1099 and they want to keep track of as much money
    changing hands as possible. It is the first time that I am getting
    1099ed from galleries also. Hey, on the bright side, at least I have
    had enough sales last year to qualify! 

Cande Toner
www.rjtcustom.com/DancingTurtle.htm

 
____________________________________________________________________
T h e   O r c h i d   L i s t
Open Electronic Forum for Jewelry Manufacturing Methods and Procedures
____________________________________________________________________
Orchid FAQ:
~ http://www.ganoksin.com/orchid/faq.htm
Orchid Archives:
~ http://www.ganoksin.com/orchid/archive
Orchid Galleries:
~ http://www.ganoksin.com/orchid/gallery.htm
Invite a Friend:
~ http://www.ganoksin.com/invite.htm
____________________________________________________________________
Tips From The Jeweler's Bench - Article Archive
~ http://www.ganoksin.com/borisat/tip_sear.htm
The Jeweler's Selected Bibliography List
~ http://www.ganoksin.com/jewelry-books
Buy Orchid Jewelry:
~ http://www.ganoksin.com/shop
____________________________________________________________________
-Unsubscribe:
-Email: orchid-request AT ganoksin.com Body=unsubscribe subject=blank
____________________________________________________________________