Sole Proprietorship payments to corporation - reporting requirements

#2 01-22-2005, 06:28 PM

cgilley[at]bravesw.com wrote:

- quote -

> This year, I've completed a number of contracts as a sole
> propietor. On one project, I subcontracted some work to
> another business - payment was in excess of $1,300. Is
> there an reporting form I need to submit to the IRS?

If those payments were to a corporation, then you do not
have to issue a 1099-misc to it.

HOWEVER you should have a W-9 form on file setting forth
the facts and the corporate FEI.

ChEAr$,
Harlan Lunsford, EA n LA
Fri 21 Jan 2005

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#1 01-22-2005, 06:28 PM

cgilley[at]bravesw.com wrote:

- quote -

> This year, I've completed a number of contracts as a sole
> propietor. On one project, I subcontracted some work to
> another business - payment was in excess of $1,300. Is
> there an reporting form I need to submit to the IRS?

If those payments were to a corporation, then you do not
have to issue a 1099-misc to it.

HOWEVER you should have a W-9 form on file setting forth
the facts and the corporate FEI.

ChEAr$,
Harlan Lunsford, EA n LA
Fri 21 Jan 2005

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

01-22-2005, 05:49 PM

<cgilley[at]bravesw.com> wrote

- quote -

> This year, I've completed a number of contracts as a sole
> propietor. On one project, I subcontracted some work to
> another business - payment was in excess of $1,300. Is
> there an reporting form I need to submit to the IRS?

Possibly you will need to send them a Form 1099-MISC. The
IRS (and maybe your state) also gets a copy of this form,
along with Form 1096 transmittal.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#-1 01-21-2005, 02:18 PM

This year, I've completed a number of contracts as a sole
propietor. On one project, I subcontracted some work to
another business - payment was in excess of $1,300. Is
there an reporting form I need to submit to the IRS?

Thanks

chg

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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