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Book of Business Buy-Out
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PFWRIGHT1
Level 1
03-23-2022
04:09 PM
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Team,
I have a business that has sales employees. During the scope of their employment the employees develop books of business that are basically owned/serviced by the company, but if the employee leaves then the company will buy the developed book for a set formula. The company is treating this as bonus compensation and issuing a 1099-Misc. Is that the correct treatment? In the eyes of the company they are not buying a third party business, just paying to keep it from leaving. Like a retention payment. Thoughts?
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