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Regarding 1099 reporting. I have my own business and report

Regarding 1099 reporting. I...
Regarding 1099 reporting. I have my own business and report all income on Schedule C. Do I need to be isssued a 1099 from my client for 2011?
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Answered in 4 minutes by:
3/1/2012
R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 3,375
Experience: Over 20 Years experience
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Randalltax :

If your client is a business and paid you more than $600 they must send you a 1099-MISC. If he is an individual consumer then no.

Customer:

Client is a business. I thought the regulations for the issuance of 1099's for businesses did not go into effect until some future date?? Can you provide link to regulation? Thanks

Randalltax :

It has been effect for years!

Randalltax :

The IRS started a crackdown about a year ago

Randalltax :

In any case, it is up to your client to fulfill his obligations. You must report the income whether he sends a 1099 or not.

Randalltax :

If he does not send a 1099, the IRS can deny his deduction on his tax return.

R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 3,375
Experience: Over 20 Years experience
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