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Another 1099 Question (LLC)

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    #1

    Another 1099 Question (LLC)

    I think this has been discussed before, but darned if I can find it.

    When an LLC returns the W-9 with the "Corporation" box checked, should they be sent a 1099-Misc if their payments exceed $600? I know it's a good idea to send the 1099-Misc whenever in doubt, but I'd like to know if there is any specific guidance on this issue from IRS.
    "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith
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    #2
    Instructions for form 1099-Misc. still only list corporations as an exception and not LLC's taxed as a corporation. I would think if they wanted to exempt these as well it would be in the instructions. The new form W-9 now asks for detailed information how the LLC is taxed.

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      #3
      Originally posted by Gabriele View Post
      Instructions for form 1099-Misc. still only list corporations as an exception and not LLC's taxed as a corporation. I would think if they wanted to exempt these as well it would be in the instructions. The new form W-9 now asks for detailed information how the LLC is taxed.
      I believe that once an LLC elects to be taxed as a Corporation it becomes a Corporation for all issues, including not being issued a 1099.
      Last edited by BOB W; 01-21-2008, 04:22 PM.
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

      Comment

        #4
        Agree

        Originally posted by BOB W View Post
        I believe that once an LLC elects to be taxed as a Corporation it becomes a Corporation for all issues, including not issuing 1099s.
        and concur.
        ChEAr$,
        Harlan Lunsford, EA n LA

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