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1099 reporting for a business acquisition
February 21, 2023
Q. I'm looking for some information on reporting a payment to a partnership or individual for an acquisition. Should this payment be reported on a 1099-MISC, Box 3 - other income? Or should it be on a different form?
Also, are acquisition payments to a corporation or S-corp reportable based on what they are?
A.
(Answered by IOFM's third-party tax experts)
Payment for acquisition of a business is in general not a Form 1099 reportable payment because it is not a known "fixed or determinable"…
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