Sorry for the off-topic post, just a quick question if their are any knowledgeable tax experts reading. A friend of mine was paid a referral fee for referring a customer to another friend's business. The fee was paid as a check for 300.00. Because it is under 600.00, must this money be declared as income?
Any info is much appreciated.
Again, I apologize for the off-beat post.
any CPAs? is a referral fee taxable income?
not an accountant
I'm not an accountant but I think there is a difference between triggering a 1099 reporting requirement and the need to pay taxes. As far as I know you also also have to pay taxes on the $1 in interest you earned at the bank, even though you get no 1099 for it.
Paul
Paul