What Is a 1099 and When Is It Prepared

What is a 1099 and when is it prepared?

A) A 1099 is an IRS Form completed for sole proprietorships and partnerships that a company paid $600 or more for services in a year.
B) An IRS Form completed for corporations that another company paid $600 or more for services in a year.
C) An IRS Form completed for individuals a company paid $6,000 or more for services in a year.
D) An IRS Form completed for sole proprietorships and partnerships a company paid $60 or more for services in a year.

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