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I have a question about 1099-MISC to partnerships (or LLC's…

I have a question about...
I have a question about 1099-MISC to partnerships (or LLC's taxed as partnerships). Are we required to send a 1099 to each partner - or can we send one 1099 to the partnership as a whole?
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Answered in 5 minutes by:
1/24/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,422
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

Bear with me a moment while I type up my response. Then if you have further questions we can go from there

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If the partnership is the provider of the service or other item requiring the 1099-C, as opposed to an individual, the 1099 goes to the partnership.

...

This doesn't turn on the fact that the partnership is a passthrough (that 1099 income will flow through the 1065 eventually affecting the partners' k-1).

...

... turns on what the entity was (person, partnership, LLC not taxed as a corporation)

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Customer reply replied 4 months ago
reference the partnership's EIN on the 1099, right? No need to create separate 1099's for each partner, right?

Thats right ... the 1099 should have the partnerships EIN ... and only that one should be sent

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Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit"– That’s the only way I’ll be credited for the work.

But again, if you need more on this, please let me know.

Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,422
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Lane and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 months ago
Thanks, Lane!

You're very welcome. Thank for the rating.

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