Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: BostonCPA Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124944  
Subject: Re: Issuing 1099s Date: 2/9/2001 4:55 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
<< As I understand it, you must issue a 1099 to anyone that you pay more than $600 to for services. Does this include attorneys, accountants, and doctors? What about payments to corporations or LLCs? >>

Generally, you should issue 1099s for payments of $600 or more for services incurred in the ordinary course of busines. 1099s should be issued to doctors and accountants for services of $600 or more. 1099s should be issued to attorneys for legal services rendered even if under $600.

You generally are not required to issue 1099s to corporations. However, this exception does not apply to attorneys and doctors if they are operating as PCs. Confused yet?

If you post a specific situation I can tell you what the filing requirements are because there are some other exceptions.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.