JB Hunt Transport Year End Summary for 2021

I'd advise getting a second opinion from another accountant if I were you.

 

Don't have to send 1099's for any transportation. IRS Reg. 1.6041-3(c)

 

He's likely charging you for filing them electronically. Starting this year if you file over 10 it has to be electronic. 2019-150, 2020-100, 2021-50.

 

Thanks. What about to owner ops?

Thanks, we do it ourselves but looks like this year we won’t need to except for owner ops? Already sent those out but maybe didn’t need too? Whatever happened to the over $600 rule or whatever it was?

My wife does all of this stuff and i pretty much stay out of it. lol. But I appreciate the info and will double check with her on some of this to make sure we’re not doing work for nothing.

 

Where do you find that you don’t have send out 1099 to contractors you paid over $600 in a year at?All I can find is if you don’t you can be fined $50 and up there’s no ceiling on the fines.

 

Don't have to do O/O's either.

If you sent more than 50 for 2021 and filed paper you can get fined a couple of hundred for each one.

Ask me how i know that.

 

IRS Reg. 1.6041-3(c) You have never had to send for transportation.

 

Does this only have to do with “merchant” payments like as in credit card payments?

 

1099's for freight has been exempt for at least the 40+ years i've been in it.

 

Right. It's common knowledge. Or at least I thought it was.