I run a small business. Some clients send me 1099 NEC forms. Some of these same payments are listed on PayPal and Stripe K-1s depending on how they paid me.
Can I just ignore these forms and go by my own reports in QuickBooks? All these payments are already recorded there.
Thanks!
Christina
You want to enter the 1099-NEC forms in as income for your business. The 1099-K can be entered but is not required. It is to help you determine your reportable income. The 1099-K lets the IRS know that income changed hands. As long as all of the income is accounted for on your return, you are fine.
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