I am trying to get confirmation that 2013 is NOT the year we have to start reporting 1099- MISC on corporations in addition to everyone else. I can't find anything to tell me that the initial repeal is continued into this current reporting year. You can imagine the difference in the number of 1099 forms I will need is significant with just this one change.
1099 Reporting to include Corporations - still repealed?
Answers
Hi- you don't need to include corporations generally in 2013:
From http://www.irs.gov/instructions/i1099msc/ar02.html:
"Exceptions. Some payments do not have to be reported on Form 1099-MISC, although they may be taxable to the recipient. Payments for which a Form 1099-MISC is not required include all of the following:Generally, payments to a corporation. But see Reportable payments to corporations, later."
there are some exceptions:
"Reportable payments to corporations. The following payments made to corporations generally must be reported on Form 1099-MISC.
Medical and health care payments reported in box 6.
Fish purchases for cash reported in box 7.
Attorneys' fees reported in box 7.
Gross proceeds paid to an attorney reported in box 14.
Substitute payments in lieu of dividends or
Payments by a federal executive agency for services (vendors) reported in box 7."
Just to add that the adding of Corporations (excluding the exceptions above) is pretty much dead. I don't believe there is any legislation outstanding to revive this.
Thank you Chithra and Patrick.
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Accounting