- quote -

Hmmm. was that sarcasm? I sure hope not.

ChEAr$,
Harlan Lunsford, EA n LA
July 6, 2006

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

- quote -

Not all 1099 types have the trade/business only
restriction/requirement. Example: 1099-R. What's the
trade/business field for a retirement plan?

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << If you want a professional tax opinion, you are advised > << to contact a Certified Public Accountant, an Enrolled > << Agent, or a Tax Attorney. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

- quote -

Well, Harlan, please humor me and read Pub 550 page 19
middle column and then tell me what you think?

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Arthur Kamlet wrote:
- quote -

Well...... aren't 1099's required only in course of trade or
business? For example my wife's daughter is paying back a
loan I made to her at prevailing interest rates of course.
But since it's not my trade/business, I will not issue her a
1099-int.

Similarly are 1099's required for cases such as above?

ChEAr$,
Harlan Lunsford, EA in LA
Independence Day, July 4th 2006

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

D. Stussy <replies[at]kd6lvw.ampr.org> wrote:
- quote -

For some reason, this year I had quite a few returns where
nominee distributions applied.

The instrctions for nominee distributions are to i) back out
income received as a nominee on the appropriate schedule,
and ii) issue a 1099.

Since none of these clients saw me before 1/31 and almost
none before 2/28, that leaves the issue of whether a
statement on the schedule itself, such as

less Nominee Distribution received for James Does,
SSN xxxxxxxxx $500

can satisfy the substance if not the form of this
trasnaction?

Also some of the Backing Out involved 1099-S and 1099-B
issues, and I believe Pub 550 doesn't cover those
situations.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

websiteworld[at]gmail.com wrote:

- quote -

Her claim is wrong. Anyone required to file a 1099 had ONE
MONTH, a January 31 deadline, to issue it to the recipient,
and two months, a February 28 deadline, to give the IRS a
copy (and administratively sometimes longer if
electronically filed). Any 1099 will be penalized as late -
which is the same penalty for not filing it at all.

The other aspects of the question have already been covered
by other replies.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Thanks for all the replies, and yes, we claimed it on our
taxes, but just in the gross sales.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

<websiteworld[at]gmail.com> wrote

- quote -

They are probaby trying to tie up loose ends, either before
they get audited, or because of an audit.

- quote -

Well, I trust you included that income on your tax return -
as you should have. If so, it should make no difference to
you if they issue the 1099 for 2005 in 2010. But yes, they
can issue a 2005 Form 1099 "at this time".

Otherwise, don't respond to their request. I wouldn't
provide it.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

<websiteworld[at]gmail.com> wrote:

- quote -

I can't answer your question, but it's moot at this point.
(They're probably being audited for something and their
records are a mess, but if all they're willing to tell you
is "we can," all you need to say is "no.")

The time to ask for a W-9 is before you cut a payment check.
It's the only time you have leverage. The worst thing that
can happen to you if you ignore the request is that they'll
backup withhold from your payment, but since you're not
going to be getting any payments, there's no consequence at
all.

Throw it away.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

We had a company that has not done business with us since
10/1/2005. They sent us a W-9 on 6/2006 along with a Blanet
Certificate of Resale, and Application for Credit.

Anyone know why they would be doing this, they are no longer
a customer and we will recieve no monies from them in the
2006 tax year.

She claims they have two years to send it out, but surely
they cannot issue a 1099 at this time.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >