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Tax Alert: 1099 Filing Requirements for Business Taxpayers


Business taxpayers will find new questions on the following 2011 Federal business income tax returns: Form 1040 Schedule C (sole proprietors), Form 1065 (partnerships), and Forms 1120 and 1120S (corporations). Taxpayers will be asked whether they made any payments in 2011 that would require the filing of 1099 forms. If the taxpayer answers yes, that 1099 forms are required, a related question will ask whether the taxpayer has filed or will file all required 1099 forms.

Generally, a Form 1099-MISC is required to be issued when a taxpayer paid $600 or more during the calendar year to a third party other than a corporation for services rendered in connection with the conduct of a trade or business. Form 1099-MISC is regularly issued to accountants, attorneys, consultants, and contractors. Payments to corporations in the legal and medical fields are also subject to 1099-MISC reporting. The due date for filing 1099 forms with the IRS for 2011 is February 28, 2012 for taxpayers filing paper forms or April 2, 2012 for taxpayers filing electronically.

For further information about these or other tax filing requirements, please contact Neil Becourtney, CPA, J.H. Cohn partner, at nbecourtney@jhcohn.com or 973-364-6671, or your J.H. Cohn engagement partner at 877-704-3500.

Download the full PDF.

Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.

This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and J.H. Cohn LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

Published date: 2/6/2012

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