cash prizes: For a music competition that awards cash prizes- should I create a prize/award expense account to record the checks written to the competitors?
Yes
An issue may well arise going forward, prizes are subject to 1099 reporting if the total amount received per year per person is $600 or more
Resolution for 'cash prizes issue: 'For a music competition that awards cash prizes- should I create a prize/award expense account to record the checks written to the competitors?' available: Yes.
The cash prizes issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the cash prizes issue yourself by looking for a resolution described in the article. If it is a complex cash prizes issue or you are unable to solve the issue, you may contact us by clicking here or by using other cash prizes support options.
For more information about resolving issues related to cash prizes in Quickbooks/QBO or to get support for the issue 'For a music competition that awards cash prizes- should I create a prize/award expense account to record the checks written to the competitors?', click the link below: