Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

Do I need to issue 1099 MISC to S-corporation for property

Customer Question
management fees?...
Do I need to issue 1099 MISC to S-corporation for property management fees?
Submitted: 5 years ago.Category: Tax
Ask Your Own Tax Question
Answered in 14 minutes by:
2/1/2012
Tax Professional: USTaxAdvising, CPA replied 5 years ago
USTaxAdvising
Category: Tax
Satisfied Customers: 1,237
Experience: US Taxation specialist.
Verified

USTaxAdvising :

You should not have to issue a 1099MISC to an S-Corporation for property managment. The IRS states that only payments to corporations are not reportable, but the following are reportable:

USTaxAdvising :

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 tax-exempt interest reported in box 8.




  • Payments by a federal executive agency for services (vendors) reported in box 7.




USTaxAdvising :
Payments to corporations are included only if they are for medical, health care, legal or fishing activities. (The IRS does not identify that payments to S-corporations are reportable.)
USTaxAdvising :

I hope this helps, let me know if you have any further questions.

USTaxAdvising
Category: Tax
Satisfied Customers: 1,237
Experience: US Taxation specialist.
Verified
USTaxAdvising and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask USTaxAdvising Your Own Question
USTaxAdvising
USTaxAdvising
USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1,237
1,237 Satisfied Customers
Experience: US Taxation specialist.

USTaxAdvising is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I need to amend Form 1096/1099 to issue an additional 1099
I need to amend Form 1096/1099 to issue an additional 10991) Can I fill out form 1099 and 1096 with a black ink pen2) Does the total on Form 1096 only include the additional 1099 ( I had completed 109… read more
taxmanrog
taxmanrog
Master\u0027s Degree
698 satisfied customers
For form 1099-A what happens when the amount of the loan is
For form 1099-A what happens when the amount of the loan is less than the FMV of the property?… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
Where do the attorneys' fees get reported? Box 7 or 14 in 1099 Misc?
Regarding Form 1099 Misc for attorneys. We paid an attorney filing fees for United States Citizenship and Immigration Services - these fees are as follows: I-29 filing fee H-1B (Training and Education… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
My bank send a 1099-misc for $1000 of interest instead of
My bank send a 1099-misc for $1000 of interest instead of 1099-int. It was checked at box 3 however I am not sure is business checking incentive constitute "prize winnings" ? Because otherwise I would… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
I am trying to reconstruct form 1099- from the Tax
I am trying to reconstruct form 1099-B from the Tax transcript since I did not receive the form, but I am not sure if it indicates "Short term covered" or "short term non-covered" based on the attachm… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
What are the federal and Oregon state taxes on profit of
What are the federal and Oregon state taxes on profit of sale of my home. My wife and I are age 81 and 77 respectively. I expect the profit will be about $400,000. … read more
abci168
abci168
Principal
27 satisfied customers
Triple tax free ny muni bonds are federal,state and city tax
triple tax free ny muni bonds are federal,state and city tax free. is this correct. if a ny resident moves to ct, do they only pay state tax on the ny muni or all three.… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
What tax form is filed to report dividends paid by US Corp?
What tax form is filed to report dividends paid by a US Corp which is owned by a Canadian Corp? I think it might be 1042S. I want to know the rate of WH.… read more
abci168
abci168
Principal
27 satisfied customers
Real estate tax exemption removal back taxed. Property was
Real estate tax exemption removal back taxed. Property was owned by church in small town. Now private owned residential. Back tax assessed is more than current year tax!… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
What would the federal and state tax rate percentages be for
What would the federal and state tax rate percentages be for a $7700 IRA early withdrawal in Ohio?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
S-corporate 100% owner incorrectly issued herself 1099-Misc
S-corporate 100% owner incorrectly issued herself 1099-Misc for health insurance premium payments for 2016. what is the best way to correct this situation now? To report amount reported on 1099 on sch… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
2016 FORM 1099 misc box 7. the company forgot to issue one
2016 FORM 1099 misc box 7. the company forgot to issue one more 1099-misc to contractor. the original 1099 and 1096 for other contractors had been mail out to IRS. so if we have to prepare this one ad… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
How do I report this? 1099 INT – Line 8 – Tax Exempt
How do I report this? 1099 INT – Line 8 – Tax Exempt Interest = 6,000 1099 INT – Line 13-Bond Premium Tax Exempt=1,500 1099 (Right Hand Side) Adjustments to Interest-Bond Premium Tax Exempt=1,100 Cash… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Tax question - Form 1099, Line 8 Tax Exempt Interest
Tax question - Form 1099 , Line 8 Tax Exempt Interest reflects $500; OID 1099 is 0. Under heading Detail for tax exempt interest it says tax exempt interest is $300. Under Detail for Tax Exempt OID it… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
Same question on the taxation of interest and dividends (on
Same question on the taxation of interest and dividends (on mutual funds) earned inside a disclaimed portion trust ... disclaimer trust . The original owner of a trust passed and the spouse declined a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Do flea market owners have to give a form 1099-MISC to the
Do flea market owners have to give a form 1099-MISC to the vendors? She only collects the money for the renter/vendors. She gives them the money that she collected for them minus her fee. It's not her… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
If I file exempt on federal taxes for the whole year but
if I file exempt on federal taxes for the whole year but filing head of household and dependent 13 years old...and paying my student loan 169 dollars a month … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
I received a 1099 with Interest income box 8 tax exempt
I received a 1099 with Interest income box 8 tax exempt interest checked with an amount in it. Box 9 specified private activity bond interest is not checked and does not have an amount in it. Q is the… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x