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I am a S-corp. Why am I receiving a 1099? Im the developer,

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selling to the builder? Business...
I am a S-corp. Why am I receiving a 1099? Im the developer, selling to the builder? Business to businessDont understandThanks
Submitted: 1 year ago.Category: Tax
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Answered in 2 minutes by:
1/17/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,875
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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As I mentioned on your other question, IRS has been utilizing the audit process highly here. The exemption for 1099-MISC being sent to corporations does not apply to 1099-S.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Becaus of the increased scrutiny MANY closing agents are send 1099-s regardless of any. Exemption.

...

See this from IRS (from the instructions for 1099-S

...

"Exceptions

The following is a list of transactions that are not reportable; however, you may choose to report them. If you do, you are subject to the rules in these instructions."

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Customer reply replied 1 year ago
Thanks. Understand, closing agents sending anyway, cya deal. So I'm most likely to be auditedThanks
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

"CYA," exactly

...

IRS doesn't help what they say that they are more than welcome to send it anyway.

...

Hope this has helped … let me know if you have questions

...

If this HAS helped, (and you don’t have additional questions on this), I'd really appreciate your positive rating … (by using the stars or rating request on your screen) … … That’s the only way I'll be credited a portion of what you've paid JustAnswer.

...

Thank you,

Lane

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
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