how is irs notified when multi level marketers purchase $ 5000 or more in products...

80.2K

Verified Solution

Question

Accounting

how is irs notified when multi level marketers purchase $ 5000 or more in products for resale ? A. the cost of goods sold will be backed out of the total reported by the parent company on form 1099K B. the parent company will indicate this on a form 1099 misc issued at end of year C. the parent company will treat the direct seller as an employee and issue a form w2 at end of year D. the parent company will issue an end of the year summary of sales and expenses to the individual marketer an the irs which includes the total amount purchased for resale

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students